Saudi Reinsurance Company announced that it has entered into a binding subscription agreement with new investor Public Investment Fund (PIF) to issue 26,730,000 common shares at an issue price of SAR 16 per share for the gross proceeds of SAR 427,680,000 on July 4, 2024. The transaction is subject to Shareholders of record on the date of the extraordinary general meeting (EGM) when the capital increase via share issue will be approved, non-objection of the Insurance Authority (IA) and the approval of the Capital Market Authority (CMA). Upon completion of the capital increase, the company will follow the necessary procedures to appoint three board members to be nominated by the PIF.

The company has increased capital from SAR 891 million to SAR 1.15 billion. The new shares will be fully subscribed by investor, bringing its stake in the company to 23.08% after the capital increase. The capital increase is subject to approvals from other competent authorities such as the Saudi Exchange (Tadawul), EGM, as well as other internal approvals from PIF.