Saudi Re issues prospectus for rights offering

Logo of Saudi Reinsurance Co.’s (Saudi Re)

Saudi Reinsurance Co. (Saudi Re) released the prospectus for its capital increase, with the suspension of preemptive rights.

The Public Investment Fund (PIF) will fully subscribe to the new shares, acquiring a 23.08% stake in the company’s capital post-increase.

The board sees the capital increase as a way to support local growth opportunities, strengthen the capital base and solvency, and maintain the credit rating.

The extraordinary general meeting (EGM) is set for Dec. 24 to vote on the issuance of 26.73 million new ordinary shares with suspended preemptive rights.

The Capital Market Authority (CMA) approved in November the request received from Saudi Re to increase capital through a rights issue, as per Argaam's data.

Capital Hike Details
Current Capital	SAR 891 mln
Number of Shares	89.1 mln
Capital Increase (%)	30%
New Capital	SAR 1.15 bln
Number of Shares after Increase	115.83 mln
Reason	Support growth and strengthen finances
Objective	Full subscription by PIF for 23.08% ownership
Eligibility Date	Dec. 24, 2024.

Rights Issue Details
Offered Shares	SAR 26.73 mln
Offering Price	SAR 16
Total Offering Value	SAR 427.68 mln
Type	Additional shares issued without preemptive rights for current shareholders
Dividend Entitlement	Targeted investor will receive dividends declared after subscription
Shareholders’ Ownership Dilution	23.08%
New Shares as % of Capital (pre-increase)	30%
New Shares as % of Capital (post-increase)	23.8%
Target Investor	PIF
Proceeds	Increasing the statutory deposit	26.73
	Financial Investments	392.5
	Net Proceeds	418.98

Additional Information
Financial Advisor, Underwriter	Al Rajhi Capital

Stock Offering Prospectus

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