The General Assembly of “Saudi Repatriation” approves an increase in capital to 1.7 billion riyals
The General Assembly of the Saudi Reinsurance Company (Re), held on October 9, approved the Board of Directors’ recommendation to increase the company’s capital by 46.6% through the issuance of 53.98 million new shares, so that the company’s capital after the increase will become 1.7 billion riyals, compared to 1.1 billion riyals before the increase.
The number of company shares after the increase will become 169.81 million shares, compared to 115.83 million shares before. The increase.
According to a company statement on "Saudi Arabia trading"Today, Sunday, the capital will be raised as follows: granting 51,480,000 shares as bonus shares to shareholders at the rate of 4 shares for every 9 outstanding shares, representing 44.44% of the increase in the company’s capital, and allocating an additional 2,500,000 shares, representing an increase of 2.16% of the company’s capital for the purpose of allocating them to the company’s employees in accordance with the long-term employee incentives program.
The company explained that the purpose of the capital increase is to support the company’s growth and strengthen its financial position, noting that the increase will be through capitalizing an amount of 539.8 million riyals from retained profits.
The eligibility date for the bonus shares for the company’s shareholders registered with the Securities Depository Center Company (Depository Center) will be at the end of the second trading day following the day of the extraordinary general assembly. For the company.
In the event that there are fractional shares, the fractional shares will be collected in one portfolio for all shareholders and sold at the market price, and then their value will be distributed to the shareholders on the eligibility date, each according to their share, within a period not exceeding thirty days from the date of determining the shares entitled to each shareholder.
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