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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.”