Arabia Insurance shareholders to vote on SAR 265 mln rights issue on June 29

Logo of Arabia Insurance Cooperative Co. (AICC)

Arabia Insurance Cooperative Co. (AICC) shareholders will vote on a capital hike via a SAR 265 million rights issue, during an extraordinary general assembly meeting (EGM) scheduled for June 29, according to a bourse filing.

The capital increase is aimed to support business growth, while maintaining solvency requirements imposed by the Saudi Central Bank (SAMA).

Eligibility for the rights issue will be for shareholders of record at the Securities Depository Center (Edaa) as of the closing of the second trading day after the EGM date.

In December 2018, the company's board of directors recommended increasing capital by offering a SAR 265 million rights issue to support expansion, Argaam earlier reported.

In November 2021, the company's EGM rejected the board of directors' recommendation for a capital top-up by offering a rights issue worth SAR 265 million.

AICC received, on Jan. 9, an extension from SAMA regarding its non-objection to extend the approval previously granted to the company to increase capital by SAR 265 million for six months from the letter date.

Rights Issue Details
Number of Shares Offered	26.5 mln
Offer Price	SAR 10
Issue Size	SAR 265 mln
Eligibility Ratio	Each registered shareholder will be granted one right for every share held
Record Date	Shareholders of record by the close of trading on the EGM date and those registered by the close of the second day following the EGM date

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