ACIG board recommends capital hike via SAR 209 mln rights issue

Logo of Allied Cooperative Insurance Group’s (ACIG)

Allied Cooperative Insurance Group’s (ACIG) board of directors recommended a capital increase by issuing rights shares worth SAR 209 million.

 

This move is aimed at supporting the company's expansion efforts and enhancing profitability margins, ACIG said in a statement to Tadawul today, Oct. 19.
 
Eligible shareholders are those of record on the extraordinary general meeting (EGM) date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM, the company added.
 
The capital hike is subject to approval from the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and other relevant regulatory authorities, in addition to the EGM's approval.
 
Announcements on the appointment of a financial advisor on the offering, the submission of the capital increase request to CMA, and any future developments in this regard will be duly announced.
 

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