Al Ahlia’s board scraps capital hike plan

Al Ahlia for Cooperative Insurance Co.’s board of directors approved on Tuesday canceling its recent recommendation to the extraordinary general assembly (EGM) to increase the company’s capital through rights issue.

Al Ahlia said in a statement to Tadawul that the decision will not affect its financials.

The company further noted that that it will disclose any update in due time.

In March 2019, Al Ahlia’s board of directors had recommended to reduce capital by around 23.1% to SAR 123 million from SAR 160 million to offset accumulated losses ahead of launching a rights issue to raise capital, Argaam reported.