Saudi Re says SAMA approval on capital hike expired

28/05/2023 Argaam

Saudi Re says SAMA approval on capital hike expires

Logo of Saudi Reinsurance Co. (Saudi Re)

Saudi Reinsurance Co. (Saudi Re) announced the expiry of the Saudi Central Bank (SAMA) approval on its proposed capital hike. 

 

In a statement on Tadawul, the company said it will study alternatives to strengthen its capital base and support its future expansion activities, including its own financial resources. 

 

Future developments will be announced once they are available, the statement added. 

 

In April 2022, Saudi Re’s board of directors recommended a capital increase from SAR 891 million to SAR 1.34 billion through a SAR 445.5 million rights issue, according to data available on Argaam. 

 

The Saudi insurer obtained, in May 2022, SAMA’s approval on the capital increase, which was valid for one year from May 26, 2022. 

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