Logo of Saudi Reinsurance Co. (Saudi Re)
Saudi Reinsurance Co.’s (Saudi Re) board of directors in a meeting today, March 16, recommended a 46.6% capital increase through a bonus share distribution, according to a statement to Tadawul. 
The board proposed distributing 51.48 million bonus shares by granting four shares for every nine held.
The members also recommended allocating an additional 2.5 million shares for developing the company’s long-term employee incentive share program.
Capital Increase Details
Current Capital
SAR 1.158 bln
Number of Shares
115.83 mln
Percentage of Increase
46.6%
New Capital
SAR 1.698 bln
Number of Shares
169.81 mln
Reasons
Boosting growth, and financial position
Bonus Share Distribution
Distributing 51.48 million bonus shares to shareholders by granting 4 shares for each 9 shares, which represents an increase of 44.44% of the company’s capital. Allocating an additional 2.5 million shares to the company’s long-term incentive share employee shares plan, which represents an additional 2.16% of the company’s capital.
Nature, Value of Reserves
The increase will be financed from capitalizing 539.8 million from the retained earnings
Record Date
Shareholders of record and those registered with Edaa on the second trading day following the general meeting.
Fractional shares, if any, will be compiled in one portfolio to shareholders and will be offered at the market price. The proceeds will then be distributed to eligible shareholders pro rata within a period not exceeding 30 days.
The capital increase and the bonus issue are subject to the approval of the official authorities and the extraordinary general meeting (EGM).
Logo of Saudi Reinsurance Co. (Saudi Re)
Saudi Reinsurance Co.’s (Saudi Re) board of directors in a meeting today, March 16, recommended a 46.6% capital increase through a bonus share distribution, according to a statement to Tadawul.
The board proposed distributing 51.48 million bonus shares by granting four shares for every nine held.
The members also recommended allocating an additional 2.5 million shares for developing the company’s long-term employee incentive share program.
Capital Increase Details
Current Capital
SAR 1.158 bln
Number of Shares
115.83 mln
Percentage of Increase
46.6%
New Capital
SAR 1.698 bln
Number of Shares
169.81 mln
Reasons
Boosting growth, and financial position
Bonus Share Distribution
Distributing 51.48 million bonus shares to shareholders by granting 4 shares for each 9 shares, which represents an increase of 44.44% of the company’s capital. Allocating an additional 2.5 million shares to the company’s long-term incentive share employee shares plan, which represents an additional 2.16% of the company’s capital.
Nature, Value of Reserves
The increase will be financed from capitalizing 539.8 million from the retained earnings
Record Date
Shareholders of record and those registered with Edaa on the second trading day following the general meeting.
Fractional shares, if any, will be compiled in one portfolio to shareholders and will be offered at the market price. The proceeds will then be distributed to eligible shareholders pro rata within a period not exceeding 30 days.
The capital increase and the bonus issue are subject to the approval of the official authorities and the extraordinary general meeting (EGM).
