Saudi Re Submits Capital Increase Application to CMA

Saudi Reinsurance Co. announced on Sunday that it has submitted an application to the Capital Market Authority (CMA) for a capital increase through a share offering with suspension of preemptive rights.

The company plans to raise its capital from SAR 891 million to SAR 1.158 billion by issuing 26,730,000 new ordinary shares. These shares will be fully subscribed by the Public Investment Fund (PIF), which will hold a 23.08% stake in the company post-increase, pending CMA approval and the Extraordinary General Assembly’s consent.