ACIG issues prospectus for SAR 150 mln rights issue

Logo of ACIG

Allied Cooperative Insurance Group (ACIG) issued the prospectus for its capital increase through rights issue.

The Capital Market Authority (CMA) approved the request received from the company, dated Sept. 20, to increase capital through SAR 150 million rights issue, as per Argaam's data.

The company's board of directors recommended in January 2020, a capital increase through a rights issue worth SAR 150 million.

The company's shareholders approved in June a 29.5% capital reduction to SAR 141 million from SAR 200 million to offset accumulated losses.

The rights issue is aimed to enhance the company's solvency and support its expansions.

Capital Hike Details
Current Capital	SAR 141 mln
Number of shares	14.10 mln shares
Capital hike%	106.38%
Capital after increase	SAR 291 mln
Number of shares after increase	29.10 mln shares

Rights Issue Details
Number of rights shares	15 mln shares
Offering price per share	SAR 10
Size of issue	SAR 150 mln
Eligibility Ratio	Each registered shareholder shall have the right to subscribe to 1.06 shares per each owned share.
Record date	Shareholders of record by the close of trading on the second day following the EGM date
Rights issue proceeds	Financial investments	SAR 124.5 mln
	Increasing the statutory deposit	SAR 22.5 mln
	Issue costs	SAR 3.0 mln

For More IPOs

Rights Issue Prospectus

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