ACIG shareholders to vote on SAR 150 rights issue to raise capital on Dec. 29

Logo of ACIG

Shareholders of Allied Cooperative Insurance Group (ACIG) will vote on the board of directors’ recommendation to increase capital through SAR 150 million rights issue during the extraordinary general assembly meeting (EGM), scheduled for Dec. 29.

The rights issue is aimed to enhance the company's solvency and support its expansions, the insurer said in a statement to Tadawul.

ACIG will issue 15 million rights to raise its capital.

If the capital increase is approved, eligibility will be for shareholders of record on the EGM date, who are registered with the Securities Depository Center (Edaa) by the close of trading on the second day following the EGM.

In January 2020, the company's board of directors recommended capital increase to SAR 291 million through SAR 150 million rights issue, Argaam reported.