Riyadh –  The board of Saudi Reinsurance Company (Saudi Re) has suggested to increase the company's capital through a SAR 445.50 million rights issue.

The recommendation comes in line with Saudi Re’s objective to strengthen its capital base and support future expansion activities, according to a bourse disclosure on Wednesday.

The capital hike proposal is subject to the approval of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the extraordinary general meeting (EGM).

It is worth noting that Saudi Re generated net profits before Zakat worth SAR 53.31 million in 2021, a year-on-year (YoY) decline of 12.15% from SAR 60.69 million.

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