Logo ofSaudi Reinsurance Co. (Saudi Re)
Saudi Reinsurance Co.’s (Saudi Re)shareholders approved increasing its capital through issuing 26.73 million new shares, while suspending preemptive rights, during the extraordinary general meeting (EGM) held on Dec. 24.
In a Tadawul filing, the company said the Public Investment Fund (PIF) will subscribe to all the new shares, increasing its ownership in the company to 23.08% following the capital increase.
Capital Hike Details
Capital
SAR 891 mln
Number of Shares
89.1 mln
Hike Percentage
30%
New Capital
SAR 1.15 bln
Number of Share after Capital Hike
115.83 mln
New Number of Shares
26.73 mln
Offering Price
SAR 16/share
Total Subscription Value
SAR427.68 mln
Reason
Support the company’s growth and strengthen its financial position.
Objective
The PIF will fully subscribe to all new shares, raising its holding in the company to 23.08% after the capital increase.
RecordDate
Dec. 24, 2024
According to data available fromArgaam, Saudi Re inked a binding subscription agreement with the PIF in July.
As part of the subscription agreement, the insurer will increase its capital from SAR 891 million to SAR 1.15 billion while suspending the preemptive rights. The PIF will fully subscribe to the new shares, bringing its ownership in the company to 23.08% after the capital hike.
Logo ofSaudi Reinsurance Co. (Saudi Re)
Saudi Reinsurance Co.’s (Saudi Re)shareholders approved increasing its capital through issuing 26.73 million new shares, while suspending preemptive rights, during the extraordinary general meeting (EGM) held on Dec. 24.
In a Tadawul filing, the company said the Public Investment Fund (PIF) will subscribe to all the new shares, increasing its ownership in the company to 23.08% following the capital increase.
Capital Hike Details
Capital
SAR 891 mln
Number of Shares
89.1 mln
Hike Percentage
30%
New Capital
SAR 1.15 bln
Number of Share after Capital Hike
115.83 mln
New Number of Shares
26.73 mln
Offering Price
SAR 16/share
Total Subscription Value
SAR427.68 mln
Reason
Support the company’s growth and strengthen its financial position.
Objective
The PIF will fully subscribe to all new shares, raising its holding in the company to 23.08% after the capital increase.
RecordDate
Dec. 24, 2024
According to data available fromArgaam, Saudi Re inked a binding subscription agreement with the PIF in July.
As part of the subscription agreement, the insurer will increase its capital from SAR 891 million to SAR 1.15 billion while suspending the preemptive rights. The PIF will fully subscribe to the new shares, bringing its ownership in the company to 23.08% after the capital hike.
