AICC submits capital increase via rights issue to CMA

06/02/2022 Argaam

Logo of Arabia Insurance Cooperative Co.

Arabia Insurance Cooperative Co. (AICC) submitted today, Feb. 6, a request to the Capital Market Authority (CMA) to increase its capital through a rights issue worth SAR 265 million, according to a bourse filing.

 

The company will announce any future developments in this regard in due course.

 

The company's board of directors recommended in December 2018 to increase the company's capital by offering SAR 265 million rights issue, to support expansion, Argaam reported.

 

In November 2021, the company's extraordinary general assembly meeting rejected the board of directors' recommendation to increase the company's capital by offering rights issue worth SAR 265 million.

 

AICC received, on Jan. 9, an extension from the Saudi Central Bank (SAMA) regarding its non-objection to extend the approval previously granted to the company to increase capital by SAR 265 million for six months from the date of the letter.

 

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