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Subscription to new shares for Saudi Reinsurance Company’s (Saudi Re) capital increase will run from December 26 to 30.
Shareholders approved raising the company’s capital by issuing 26.73 million new shares during the extraordinary general meeting (EGM) held on December 24.
The capital will increase to 1.15 billion Saudi riyals ($306.31 million) from SAR 891 million, supporting the company’s growth and boosting its financial strength.
The subscription will be limited to the Public Investment Fund (PIF), a Saudi sovereign wealth fund, increasing its ownership in the insurance company to 23.08% after the capital increase.
(Editing by Bindu Rai)
