ACIG shareholders to discuss capital hike via rights issue on May 18

Logo of Allied Cooperative Insurance Group (ACIG)

Allied Cooperative Insurance Group (ACIG) will hold an extraordinary general meeting (EGM) on May 18, to vote on a capital increase through a rights issue worth SAR 209 million, according to a Tadawul  statement.

 

Details

Current Capital

SAR 291 mln

No. of Shares

29.1 mln

Post-Increase Capital

SAR 500 mln

No. of Shares

50 mln

Increase Percentage

71.82%

Purpose of Increase

To support the company’s future plans, enhance solvency margin, and boost investment income

Method of Increase

Issuance of 20.9 million ordinary shares through a rights issue, at 0.7182-for-1, with a nominal value of SAR 10 each and an offering price of SAR 10 each

Record Date

Shareholders of record on the EGM date and those registered with Edaa at the end of the second trading day following the EGM date

 

According to Argaam data, the board of directors recommended a capital increase via a SAR 209 million rights issue in October 2023.

 

For More IPOs


In January 2024, the insurer received the Insurance Authority's (AI) approval on the capital hike, and in January 2025, the AI extended its approval for an additional six months.

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