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Saudi Re’s shareholders nod to 10% capital raise; fluctuation limit announced

Saudi Re’s shareholders nod to 10% capital raise; fluctuation limit announced
The outstanding shares will be cancelled
SAUDI RE
8200
1.28% 17.44 0.22

Riyadh – Mubasher: The shareholders of Saudi Re for Cooperative Reinsurance Co approved the board’s recommendation to increase the capital by 10% or SAR 81 million through bonus shares, according to a bourse filing on Thursday.

The new capital will stand at SAR 891 million distributed over 89.1 million shares, compared to SAR 810 million and 81 million shares prior to the raise.

The company will grant one bonus share for every 10 owned shares.

The listed firm aims to endorse its capital base for future business activities.

In a separate disclosure, the Saudi Exchange (Tadawul) announced that the fluctuation limit for Saudi Re’s stock will be based on a share price of SAR 18.5.

The outstanding shares will be accordingly cancelled.

Meanwhile, the Securities Depository Center (Edaa) will deposit the bonus shares into the investors’ portfolios on 26 July.

Saudi Re obtained the Saudi Central Bank’s (SAMA) approval to raise the capital last April.