Saudi Re to start e-voting for EGM agenda on July 10

Saudi Re for Cooperative Reinsurance Co.'s (Saudi Re) shareholders will start on July 10, the electronic voting on the agenda of the extraordinary general meeting (EGM) scheduled for July 14, according to a bourse filing.

Shareholders are set to discuss the board's recommendation on increasing capital from SAR 810 million to SAR 891 million.

The capital hike will be carried out through 1-for-10 bonus share distribution to shareholders registered with the Security Depository Center (Edaa) at the end of the second trading day after the maturity date.

The increase will be paid by transferring SAR 81 million from the retained earnings account to the company's capital. Consequently, the number of shares will be increased from 81 million to 89.1 million.

Shareholders will also vote on amending bylaws for the company’s Articles of Association, as well as update policies for board members, committee members and executive management remuneration.