Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Co obtained on Tuesday, 26 September, the approval from London-based Lloyd's to purchase 49.9% stake of Probitas Holdings (Bermuda) Limited (PHBL) through ordinary shares.
Saudi Re stated that it must obtain the approval from the Saudi Arabian Monetary Authority (SAMA), and Bermuda’s Monetary Authority, according to a statement on Wednesday to the Saudi Stock Exchange (Tadawul).
By 2:26 pm KSA time, the Saudi insurance firm’s stock rose 1.32% to SAR 6.91.
