Saudi Re for Cooperative Insurance Co.’s general assembly has approved a 19 percent capital reduction to SAR 810 million from SAR 1 billion, in order to restructure capital, offset accumulated losses, and support future growth.
The capital cut will not affect the company’s liabilities, Saudi Re said in a statement on Tadawul.
Shareholders also approved related party transactions to take place with Probitas Corporate Capital Ltd, which is owned by Probitas Holdings Bermuda Ltd., a 49 percent-owned affiliate of Saudi Re.
The transactions include reinsurance agreements for one year with a premium of SAR 22.3 million, in addition to a security deposit of SAR 37.5 million at Lloyd’s of London.
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Capital reduction details |
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Current Capital |
SAR 1 bln |
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Number of shares |
100 mln shares |
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Capital cut percent |
19% (19 share for every 100 shares) |
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New capital |
SAR 810 mln |
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New number of shares |
81 mln shares |
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Method of capital cut |
Writing off 19 mln shares |
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