ACIG to launch rights trading, subscription to new shares tomorrow

Logo of Allied Cooperative Insurance Group

Allied Cooperative Insurance Group (ACIG) announced that rights trading and subscription to the new shares will start from Jan. 3, 2022.  

The rights trading period will end on Jan. 10, 2022, and the subscription period to the new shares will end on Jan. 13, 2022.  

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of rights available in their portfolios. Rights trading and subscription to the new shares for registered shareholders and new investors will be as per the prospectus.  

In the event that shares remain unsubscribed, the rump and fractional shares (if any) will be offered to institutional investors according to what is mentioned in the prospectus. The underwriter FALCOM Financial Services will underwrite the rights issue of ACIG in the event that the entire subscription is not fully covered.  

Investors not willing to subscribe should sell the rights they hold during the specified trading period to avoid any decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription. 

According to data compiled by Argaam, the company’s shareholders approved the board of directors’ recommendation to increase capital to SAR 291 million from SAR 141 million through a SAR 150 million rights issue, during the extraordinary general meeting (EGM) held on Dec. 29.

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