Saudi Re shareholders disapprove amending bylaw on share issuance

Logo of Saudi Re

Saudi Reinsurance Co.’s (Saudi Re) shareholders disapproved amending Article No. 11 of the bylaws on share issuance during the extraordinary general meeting (EGM) held on Feb. 19, according to a statement to Tadawul.

According to data compiled by Argaam, Article 11 stipulates that all shares are nominal and they may not be issued at less than their nominal value. However, shares may be issued at a value higher than their nominal value.

The company may, after obtaining the Saudi Central Bank’s (SAMA) non-objection, purchase, pledge or sell shares, in accordance with the Companies Law.

The company may, after obtaining SAMA approval, purchase its shares within the employee shares program, in accordance with the Companies Law and guidelines issued by the supervisory and regulatory authorities and the procedures set by the competent authority.

In addition, the company may, after obtaining SAMA non-objection, sell treasury shares in one or more stages, in accordance with the issued regulations.