Saudi Reinsurance Company (Saudi Re) announces the results of the Extraordinary General Assembly’s Meeting which includes increase of the Company's capital (Second Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Saudi Reinsurance Company (Saudi Re) Announces the Results of the Extra Ordinary General Assembly Meeting (the Second meeting) that includes the company’s capital increase, which was held at 7:30 PM on Thursday 09/10/2025G corresponding to 17/04/1447H via Modern technology.
The meeting was chaired by the Chairman of the Board of Directors, Mr. Abdullatif Al-Fozan |
| City and Location of the Extraordinary General Assembly's Meeting | Kingdom of Saudi Arabia - Riyadh City - Company’s Head Office – Via Means of Modern Technology using Tadawulaty system. |
| Date of the Extraordinary General Assembly's Meeting | 2025-10-09 Corresponding to 1447-04-17 |
| Time of the General Assembly’s Meeting | 19:30 |
| Percentage of Attending Shareholders | 42.67% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | Present members:
1- Mr. Abdullatif Al-Fozan- Chairman
2- Mr. Turki Al-Sudairy- Vice Chairman
3- Mr. Fahad Al-Jomaih
4- Eng. Hussam Al-Suwailem
5- Ms. Kubra Shehabi
6- Eng. Abdulaziz Al-Shiekh
7- Mr. Abdulrahman Al-Jalal
8- Mr. Waleed Al-Monie
9- Mr. Abdulaziz Al-Bassam
10- Mr. Christoph Hirs
Absent members: 1- Mr. Mohammed Al-Sudairy |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | 1. Mr Abdullatif Al-Fozan - Chairman of the Executive Committee.
2. Ms Kubra Shehabi Chairman of the Risk Management Committee.
3. Mr. Abdulaziz Al-Bassam – Chairman of the Investment Committee.
4. Mr. Turki Al-Sudairy - Chairman of the Nominations and Remuneration Committee |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approval on the Employee Share Program (Long-Term Incentives) approved by the Board of Directors on 17 November 2024G and to authorize the Board of Directors to exercise full powers to allocate shares to employees, administer and manage the program, and make any amendments thereto at its sole discretion.
2. Approval on the recommendation of the Board of Directors to increase the Company's capital through the issuance of 53,980,000 shares as follows:
• Distributing 51,480,000 shares as bonus shares to shareholders by granting 4 shares for each 9 shares, which represents an increase of 44.44% of the company’s capital. • Allocate 2,500,000 additional shares, which represents 2.16% of the Company’s capital, to be allocated to the Company’s employees as per the long-term incentive plan (the “LTIP”) As summarized in the attached ( in the event the first item is approved). • Capital before increase : SAR 1,158,300,000 • Capital after increase : SAR 1,698,100,000 • Total Amount Increased: SAR 539,800,000 • Capital Increase Percentage: 46.6% • Number of shares before increase : 115,830,000 shares • Number of shares after increase : 169,810,000 shares • Reasons for the increase: To support the growth of the company and strengthen its financial position. • The nature and value of the reserves that will be used in the capitalization issue: through the capitalization of SAR 539,800,000 of retained earnings. • Amendment of Article Eight of the Company's Articles of Association related to the Company's capital.
- Eligibility Date: The eligibility date of the bonus shares for the company's shareholders registered with the Securities Depository Center Company (Edaa) will be at the end of the second trading day following the day of the company's Extraordinary General Assembly - Details of how to deal with fractional shares: In case of 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 date of entitlement, each according to his share, within a period not exceeding thirty days from the date of determining the shares due to each shareholder. |
| Additional Information | NA |
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