Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL
Following announcement on 13-07-2017, Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL), through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. PHBL is a limited liability company registered in Bermuda which invests in insurance reinsurance business and in Lloyd's market.
The agreement, which was signed on 29-07-2017, PHBL reflects the parties agreement for valuation of the deal for 49.9% of PHBL's ordinary shares at USD 25 million, as well as the ownership structure of three subsidiaries of PHBL.
Furthermore, Saudi Re wishes to clarify that the completion of this transaction is subject to the approval of the Saudi Arabian Monetary Authority and Lloyd's, and that there are no related parties.
Saudi Re will finance this deal out of its own resources.
It is worth noting that this deal provides Saudi Re with opportunities to expand its business and investments in the global insurance market particularly the Lloyd's market in the United Kingdom.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.