ACIG requests regulatory nod on capital increase through SAR 150 mln rights issue

Allied Cooperative Insurance Group logo

Allied Cooperative Insurance Group (ACIG) applied on Thursday, Dec. 31, 2020, for the approval of the Capital Market Authority (CMA) on the capital increase through a SAR 150 million rights issue, the company said in a bourse statement.

The Saudi insurer said the relevant updates will be duly revealed. In January 2020, ACIG’s board of directors recommended a 29.5% capital reduction to SAR 141 million from SAR 200 million to restructure the company’s capital and offset accumulated losses. The board also recommended raising the company’s capital afterwards through a SAR 150 million rights issue, Argaam reported.

In August, the insurer’s extraordinary general meeting (EGM) approved the board’s recommendation on a 29.5% capital reduction from SAR 200 million to SAR 141 million, through cancelling 5.9 million shares.

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