OREANDA-NEWS. January 10, 2008. Extraordinary general shareholders meeting of OJSC “Transsiberian Reinsurance Corporation” took part on the 29th of December, 2007. A question about increase of share capital Transsib Re by placing supplement shares was raised for the absentee vote.

By a majority of vote was concluded to issue 1 Mio ordinary shares. Nominal price of the share (60 RUR) is equal to the price of its placing. The shares will be in private placement. According to the law, right of pre-emption have current shareholders of “Transsib Re”, which didn’t take part in voting or voted against this decision. So the share capital OJSC “Transsib Re” makes 185 706 000 RUR.

The need of increasing of share capital is provided by the plans of “Transsib Re” to develop its business in foreign markets, where there are rather high request to the level of capitalization for reinsurers. In concordance with the Russian request real solvency margin according to the results of 9 months in 2007 is 68% more then normative rate that shows high reliability of “Transsib Re”.