ACIG shareholders approve capital hike to SAR 291 mln via rights issue

Logo of Allied Cooperative Insurance Group

Allied Cooperative Insurance Group’s (ACIG) shareholders approved the board of directors’ recommendation to increase capital to SAR 291 million from SAR 141 million through a SAR 150 million rights issue during the extraordinary general meeting (EGM) held on Dec. 29.

The increase aims to enhance the solvency margin and support the expansion of the company’s activities.

Shareholders, who own shares registered with the Securities Depository Center (Edaa) at the end of the second trading day following the date of the EGM, will be eligible.

Meanwhile, shareholders disapproved of the increase in audit committee seats to five from four.

However, they appointed Saad Al-Huwaimel as an audit committee member, increasing the member strength to five. His term starts from the EGM approval date until May 17, 2022.

In a separate statement, the Saudi Exchange (Tadawul) announced that the company’s shares’ fluctuation limit will be based on a share price of SAR 22.64 for today. At the same time, the existing orders will be cancelled.

The rights will be deposited into applicable investors’ portfolios on Jan. 3, 2022.

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