Saudi Re for Insurance Reinsurance reveals developments in subscription to increase capital, and the stock jumps by 10%.

The Saudi Reinsurance Company announced, following the closure of Saudi trading on Monday, the results of the subscription process for new shares through a capital increase while suspending the right of priority, after the Saudi financial market approved the increase in the company's capital.

According to the statement issued today by the Saudi Reinsurance Company, the number of shares that were subscribed to reached 26,730,000 shares with a total value of 427,680 million riyals, with a coverage ratio of 100% of the total new shares offered at an offering price of 15 riyals.

Additionally, the Saudi company stated that the Public Investment Fund, as the investor that subscribed to all the capital increase shares, must refrain from trading those shares during the two years following their listing date, in accordance with the exemption issued by the Capital Market Authority.

At the close of the Saudi stock market today, the shares of the Saudi Reinsurance Company (TADAWUL: 8200) recorded a jump of 10% to finish trading at 51.7 riyals.