Arabia Insurance EGM to vote on SAR 265 mln rights issue on No. 9

Shareholders of Arabia Insurance Cooperative Co. (AICC) will discuss the board's recommendation on increasing capital through SAR 265 million rights issue during the extraordinary general meeting (EGM) scheduled for Nov. 9, the insurer said in a filing to Tadawul.

The capital raise will support the company’s business growth, while maintaining the solvency requirements imposed by the Saudi Central Bank (SAMA).

AICC’s ordinary shares will be increased to 26.5 million.

Shareholders holding shares on EGM date and who are registered with the Securities Depository Center Company (Edaa) at the end of the second trading day following the eligibility date are entitled to participate in the rights issue.

In April, AICC submitted a request to capital increase through a SAR 265 million rights issue to the Capital Market Authority (CMA), Argaam reported.

The CMA approved AICC’s capital raise request in September.