Saudi Re: share capital increase

Saudi Re intends to increase its share capital from 891 million SAR (237.3 million USD) to 1.1583 billion SAR (308.6 million USD). To that end, the reinsurer signed, on 4 July 2024, a subscription agreement with the Public Investment Fund (PIF), a Saudi sovereign wealth fund.

The operation will give rise to the issue of 26.73 million new shares with a value of 10 SAR (2.7 USD) each, for a total amount equivalent to 30% of the company's current capital.

These new shares will be fully underwritten by the PIF, which will pay 16 SAR (4.3 USD) per share, for a total of 427.68 million SAR (113.9 million USD).

Upon completion of the capital increase, pending approval by the relevant authorities, the new shareholder fund will hold a 23.08% stake in Saudi Re.