ACIG says SAMA extends capital increase approval by 6 months

05/12/2021 Argaam

Logo of Allied Cooperative Insurance Group 

Allied Cooperative Insurance Group (ACIG) said that Saudi Central Bank (SAMA), on Dec. 2, extended its previous approval on the company's capital increase from SAR 141 million to SAR 291 million through a rights issue for an additional six months.

 

According to SAMA’s rules, ACIG will to fulfill all the requirements of other official authorities. SAMA must also be provided with a quarterly update on the measures taken for the capital increase process, ACIG said in a bourse statement.

 

The company will announce any future developments in this regard, if available.

 

ACIG board recommended raising capital to SAR 291 million through a SAR 150 million rights issue, following the capital cut process, Argaam reported.

 

The insurer obtained on Oct. 1 SAMA’s approval on its proposed rights issue to raise its capital.

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