CMA approves Saudi Re's capital increase

Saudi Arabia's Capital Market Authority (CMA) has approved Saudi Re's request for a capital increase.

Pursuant to an agreement signed on 4 July 2024, the transaction will give rise to the issue of 26.73 million new shares, which will be fully subscribed by the Public Investment Fund (PIF) for a total amount of 427.68 million SAR (113.8 million USD).

Upon completion of the transaction, the PIF will hold 23.08% of Saudi Re's capital, which will go from 891 million SAR (237 million SAR) to 1.1583 billion SAR (308.1 million USD).