Shareholders of Morocco-based reinsurer Société Centrale de Réassurance (SCR) have decided to increase the company’s the current share capital by a cash amount of 700 million Dirhams (USD 77.3 million).
As a result, SCR’s share capital is now increased from 1.5 billion Dirhams (USD 165.6 million) to 2.2 billion Dirhams (USD 242.9 million).
The capital increase was decided by SCR shareholders at an Extraordinary General Meeting in June, and finalised by the Board of Directors earlier this week.
SCR says the move will enable it to strengthen its financial base on both the national and international market, while also improving its rating with rating agencies, and positioning itself as a major player in reinsurance at the local and regional level.
SCR, which includes regional and international development as one of its growth pillars, manages a portfolio of 300 clients and operates in more than 50 countries, particularly in Africa, the Middle East, India and China.
In 2020, the company achieved a turnover of 2.6 billion Dirhams, an increase of 30% compared to the previous year and a net profit of 317.76 million Dirhams, an increase of 14%.
