Saudi Re board recommends 46.6% capital hike via bonus issue

Logo of Saudi Reinsurance Co. (Saudi Re)

Saudi Reinsurance Co.’s (Saudi Re) board of directors, in its meeting held on March 16, recommended a 46.6% capital increase from SAR 1.158 billion to SAR 1.698 billion through a bonus share distribution, according to a statement to Tadawul.

 

The board proposed distributing 51.48 million bonus shares, granting shareholders four shares for every nine held, representing a 44.44% capital increase.

 

It also recommended allocating an additional 2.5 million shares to the company’s long-term incentive plan, equivalent to 2.16% of capital.

 

Capital Increase Details

Capital Increase Details

Current Capital

SAR 1.158 bln

Current Number of Shares

115.83 mln

Percentage of Increase

46.6%

New Capital

SAR 1.698 bln

New Number of Shares

169.81 mln

Reasons

Boosting growth and financial position

Bonus Share Distribution

Distributing 51.48 million bonus shares, granting shareholders four shares for every nine held, representing a 44.44% capital increase.

 

Allocating an additional 2.5 million shares to the company’s long-term incentive plan, equivalent to 2.16% of 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 for 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).

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