Saudi Re shareholders to vote on capital cut January 1

14/12/2017 Argaam

 

Saudi Re for Cooperative Reinsurance Co. has invited its shareholders to attend the extraordinary general assembly meeting on Monday, Jan. 1, 2018, to vote on a capital cut, the company said in a statement to Tadawul.

 

The insurer plans to cut capital by 19 percent to SAR 810 million from SAR 1 billion, in order to offset accumulated losses, and support future growth.

 

The process will not have an impact on Saudi Re’s liabilities, the statement added.

 

Saudi Re obtained approval from the Capital Market Authority (CMA) for the reduction last month.

 

Shareholders will also vote on the related party transaction to take place with Probitas Corporate Capital Ltd, which is owned by Probitas Holdings Bermuda Ltd., a 49 percent-owned affiliate of Saudi Re.

 

Moreover, the assembly will decide on amending some articles of the company’s bylaws.

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