Approval of the “Saudi Return” to increase the capital to 1.7 billion riyals

The Saudi Reinsurance Company (Saudi Return) announced that it has obtained the approval of the Insurance Authority to increase the capital by granting shares.
(Saudi Arabia) said in a statement to “Saudi Tadawul”, today, Monday, that it received the letter of insurance body on May 4, which includes the approval of the authority to increase the company’s capital by 46.6% from 1.158 billion riyals, to 1.698 billion riyals, through a fee of 539.8 million riyals of the remaining profits.
Accordingly, the number of shares (re -shares) increases from 115,830 million shares to 169,810 million shares.
This results in the granting of 51,480 million shares, a cup of grants to shareholders by 4 shares per 9 existing shares, representing 44.44 % of the increase in the company’s capital, and the allocation of additional 2.5 million shares, representing 2.16 % of the increase in capital for allocating to the long -term employee incentives stock program.