Arabia Insurance board recommends SAR 265 mln rights issue

23/12/2018 Argaam

 

Arabia Insurance Cooperative Co.’s (AICC) board of directors has recommended a capital hike through a SAR 265 million rights issue, the company said in a bourse statement.

 

The capital hike aims to support expansions in the company’s activities.

 

Shareholders of record on the second day after the extraordinary general meeting will be entitled to subscribe to the offering.

 

Appointing a financial advisor to advise on the capital hike and submitting capital hike file to the Saudi Capital Market Authority (CMA) along with any other updates regarding this matter will be disclosed on a timely manner, the insurer added.

 

The process is pending approvals from the general assembly and regulator.

 

In August 2016, AICC cut its capital by 33.75 percent to SAR 265 million from SAR 400 million to offset most accumulated losses, according to data available on Argaam.

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