ACIG appoints Falcom as financial advisor for capital cut

29/03/2020 Argaam

 

Allied Cooperative Insurance Group (ACIG) appointed today, March 29, Falcom Financial Services as financial advisor for its capital reduction.

 

The insurer said in a statement to Tadawul that Falcom Financial will also manage the following capital increase and subscriptions to the rights issue.

 

Any further development will be announced in due course, it added.

 

Argaam reported earlier that the insurer obtained the approval of the Saudi Arabian Monetary Authority (SAMA) to reduce capital by SAR 59 million to SAR 141 million from SAR 200 million, to restructure the company’s capital and offset accumulated losses.

 

The board also recommended raising the company’s capital afterwards through a SAR 150 million rights issue, which aims to boost solvency margin and support expansions.

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