CMA greenlights Saudi Re’s capital hike - Mubasher Info
SAUDI RE
8200 0.11% 45.50 0.05
Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of Saudi Reinsurance Company (Saudi Re) to increase its capital through the issuance of shares with the suspension of preemptive rights.
Saudi Re will raise its capital by offering 26.73 million new ordinary, representing 30% of its current capital, according to a bourse disclosure.
Following the transaction, the new shares will be fully subscribed by the Public Investment Fund (PIF), resulting in PIF's ownership of 23.08% of the company's share capital.
The Tadawul-listed company submitted the capital increase on 17 August 2024, while the CMA granted its approval on 25 November.
Last month, Saudi Re named Ahmed Ali Al Jabr as its CEO after obtaining the Insurance Authority's (IA) approval.
Source: Mubasher Source: {{details.article.source}}