RIYADH: The Saudi Reinsurance Company (Saudi Re) on Thursday announced plans to increase its capital in order to fund its expansion plans.
Saudi Re’s board recommended increasing the company’s capital from SR 810 million ($216 million) to SR 891 million and converting SR 81 million of retained earnings into capital, giving the company an extra SR 162 million to finance its expansion plans.
Fahad Al-Hesni, managing director and CEO of Saudi Re, said in a statement: “The capital increase will strengthen Saudi Re’s capital base and support the expansion plans in the domestic and international markets. The board’s recommendation comes in line with Saudi Re’s effort to generate better returns and create a greater shareholder value.”
Saudi Re to hike capital with 1:10 bonus share issue
RIYADH, 8 hours, 24 minutes ago Saudi Reinsurance Company (Saudi Re), a leading reinsurance company in the Mena region, said it will increase the company’s capital through 10% bonus share distribution, granting one share for each 10 owned-shares. Saudi Re said that the board recommended the increase of Saudi Re s capital to SR891 million ($237.6 million) from SR810 million and converting SR81 million ($21.6 million) of retained earnings into capital, through this 1-for-10 bonus share distribution. Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said: The capital increase will strengthen Saudi Re s capital base and support the expansion plans in the domestic and international markets. The board s recommendation comes in line with Saudi Re s effort to generate better returns and create a greater shareholder value.”