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Allied Cooperative Insurance Group (ACIG) applied on Thursday, Dec. 31, 2020, for the approval of the Capital Market Authority (CMA) on the capital increase through a SAR 150 million rights issue, the company said in a bourse statement.
The Saudi insurer said the relevant updates will be duly revealed. In January 2020, ACIG’s board of directors recommended a 29.5% capital reduction 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, Argaam reported.
In August, the insurer’s extraordinary general meeting (EGM) approved the board’s recommendation on a 29.5% capital reduction from SAR 200 million to SAR 141 million, through cancelling 5.9 million shares.
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