IA grants ACIG 6-month extension for capital increase

Logo of Allied Cooperative Insurance Co. (ACIG)

Allied Cooperative Insurance Co. (ACIG) said on Sept. 3 it received the Insurance Authority's (IA) approval to extend for another six months its earlier approval to raise capital from SAR 291 million to SAR 300 million via a share issue with pre-emptive rights suspended.

The company said in a statement to Tadawul that the IA requires it to obtain approvals from other relevant authorities and provide the regulator with monthly updates on measures taken to complete the capital increase.

ACIG said it would announce any further developments as they arise.

According to Argaam data, the company's board recommended in July 2025 raising capital through a share issue with pre-emptive rights suspended to meet the SAR 300 million minimum paid-in capital requirement for insurance companies.

In August 2025, ACIG received IA approval for the capital increase and the suspension of pre-emptive rights.

In January 2026, ACIG signed a capital increase subscription agreement with Diar Al-Arabia Investment Co. Under the agreement, ACIG will issue 900,000 new ordinary shares, representing 3.09% of its current capital, at a nominal value of SAR 10 per share, raising capital from SAR 291 million to SAR 300 million.