AI Summary
Saudi Re seeks to increase capital to SAR 1.69 bln
Shareholders of Saudi Reinsurance Co. (Saudi Re) will vote on the board’s proposal to raise the company’s capital by 46.6%, during the extraordinary general meeting (EGM) scheduled for Oct. 9, according to a statement to Tadawul.
The company seeks to increase its capital from SAR 1.15 billion to SAR 1.69 billion, by issuing 51.48 million bonus shares at four shares for every nine held.
An additional 2.5 million shares will be allocated to the company's long-term employee incentive plan.
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Capital Increase Highlights |
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Current Capital |
SAR 1.15 bln |
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Number of Shares |
115.83 mln |
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Percentage of Increase |
46.6% |
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New Capital |
SAR 1.69 bln |
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New Number of Shares |
169.81 mln |
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Reasons |
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Bonus Shares Allocation |
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Funding |
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Record Date |
If approved, shareholders registered with Edaa on the second trading day following the EGM date (Oct. 9) |
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The company said any fractional shares will be compiled into a single portfolio for all shareholders and sold at market price.
The proceeds will be distributed to eligible shareholders pro rata within a period not exceeding 30 days from determining the new shares eligible for each shareholder.
Shareholders will also vote on the employee stock incentive program (long-term incentives), which was approved by the board on Nov. 17, 2024. The plan grants the board full authority to allocate shares to employees, manage the program, and make any amendments at its discretion.
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