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Arabia Insurance Cooperative Co.’s (AICC) shareholders rejected the board of directors’ recommendation to increase capital via SAR 265 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 9.

 

Shareholders did not approve the board’s proposal to amend articles of incorporation, as well as the governance regulations, according to a bourse filing.

 

In December 2018, the board of directors recommended a capital increase via SAR 265 million to boost expansions, Argaam reported.

 

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

 

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