ACIG issues prospectus for rights offering

Logo of Allied Cooperative Insurance Group (ACIG)

Allied Cooperative Insurance Group (ACIG) announced the prospectus for its capital increase through a SAR 209 million rights offering.

 

The company plans to offer about 20.9 million shares at SAR 10 each, to increase capital by 71.82% from SAR 291 million to SAR 500 million.

 

For More IPOs

 

The planned capital hike is aimed mainly to support the company’s future plans and enhance its solvency margin.

 

In January 2024, the insurer received the Insurance Authority's (IA) approval on the move. In January 2025, the IA extended its go-ahead for an additional six months. Last March, the company obtained the Capital Market Authority's (CMA) no-objection on the potential capital increase.

 

ACIG will hold an extraordinary general meeting (EGM) on May 18 to get shareholders’ voting on the proposed rights issue.

 

Capital Hike Details

Current Capital

SAR 291 mln

No. of Shares

29.1 mln

New Capital

 SAR 500 mln

New Number of Shares​

50 mln

Capital increase (%)

71.82%

Par Value

SAR 10
 

Rights Issue Details

Offered Shares​

20.9 mln

Offer Price

SAR 10

Issue Size

SAR 209 mln

Eligibility Ratio

Each listed shareholder can subscribe to 0.7182 right per each owned share

Rights Issue Proceeds​

To fulfill the capital solvency requirements

145.75

Increasing the statutory deposit

31.35

Upgrading the technical system for insurance and financial operations

15.00

Promoting new products (advertising and branding)

12.15

Offering costs

4.75

Total

209.00
 

Additional Information

Financial Advisor, Underwriter & Lead Manager​

Alistithmar Capital
 

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