Saudi Re shareholders to discuss capital increase to SAR 891 mln on July 14

Saudi Re for Cooperative Reinsurance Co.'s (Saudi Re) shareholders are set to discuss the board's recommendation on increasing capital from SAR 810 million to SAR 891 million, during the extraordinary general meeting (EGM) to be held on July 14, the insurer said in a filing to Tadawul.

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 Articles of Association, as well as update policies for board members, committee members and executive management remuneration.

In March 2021, the company’s board of directors recommended a capital increase to SAR 891 million from SAR 810 million, through capitalizing SAR 81 million from retained earnings, Argaam earlier reported.