Riyadh – The Saudi Central Bank (SAMA) has agreed to increase Saudi Reinsurance Company’s (Saudi Re) capital to SAR 1.33 billion from SAR 891 million through a rights issue.
SAMA granted its approval for the capital hike’s proposal on 25 May, according to a bourse filing on Thursday.
Meanwhile, the Saudi listed firm noted that it will disclose any further developments related to the capital increase process once available.
It is worth mentioning that the company’s board recommended to raise its capital through a SAR 445.50 million rights issue last April.
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