ACIG says rights issue proceeds spent as planned

Allied Cooperative Insurance Group (ACIG) has spent the SAR 100 million proceeds generated from the rights issues that took place in 2012 as planned in its proposal, the insurer said in a statement to Tadawul on Sunday. 

The underwriting fees and expenses related to the issue amounted to SAR 5.7 million, and ACIG has made a SAR 10 million statutory deposit. 

The remaining amount covered the statutory reserves and solvency margin that are legally required for cooperative insurance companies, ACIG said.