Saudi Re Completes the Sale of Its Stake in Probitas for £123 Million

2024-07-11 03:48:38

(MENAFNEditorial) Riyadh, KSA, July 11, 2024, Massive Media: Saudi Reinsurance Company "Saudi Re" has completed all procedures for the sale of its entire 49.9% stake in Probitas Holdings (Bermuda) to Aviva Insurance Limited for £123 million.

On this occasion, Ahmad Al-Jabr, Acting CEO of "Saudi Re" stated: "This transaction aims to enhance the company's competitive position and financial position, enabling it to redirect investments to develop growth opportunities in both local and international markets." He added, "The transaction offered attractive terms, and the proceeds from the sale will strengthen the company's capital base and increase its solvency margin. This will create significant value for shareholders, generating a return more than five times the initial investment."

The company announced on the Tadawul website that the deal would support its growth and financial position, having a positive impact on its financial statements in the third quarter of the 2024 financial year. It noted that the book value of the asset as of the first quarter of 2024 was SAR 211 million.
Ends

MENAFN11072024000070016458ID1108430532

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.