Saudi Re sets date for new shares subscription; preemptive rights suspended

25/12/2024 Argaam
Logo ofSaudi Reinsurance Co. (Saudi Re)

Logo of Saudi Reinsurance Co. (Saudi Re)

Saudi Reinsurance Co. (Saudi Re) announced today, Dec. 25, subscription period for new shares to increase its capital, while also suspending preemptive rights.

 

In a statement to Tadawul today, Dec. 25, the company said the subscription period will run from Dec. 26 till Dec. 30. It will be limited to the Public Investment Fund (PIF), as specified in the offering prospectus.

 

For More IPOs

 

The financial advisor, in coordination with the company, may extend the subscription period before its expiry if the offering is not fully subscribed by the specified deadline, the statement highlighted.

 

Saudi Re’s shareholders approved increasing its capital through issuing 26.73 million new shares, while suspending preemptive rights, during the extraordinary general meeting (EGM) held on Dec. 24, data compiled by Argaam showed.

 

The PIF will subscribe to the new shares in full, raising its ownership in the company to 23.08% after the capital increase.

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