ACIG shareholders to vote on capital hike via share offer, preemptive rights waiver on Nov. 25

Logo of Allied  Cooperative Insurance Group (ACIG) 

Allied  Cooperative Insurance Group’s (ACIG) said its shareholders will vote on the board's recommendation to increase the company's capital by 3.09% by issuing 900,000 shares, with preemptive rights suspended at an extraordinary general meeting (EGM) slated for Nov. 25.

 

Capital Increase Details

Current Capital

SAR 291 mln

Current No. of Shares

29.1 mln

New Capital

SAR 300 mln

New No. of Shares

30 mln

Value of Increase

SAR 9 mln

Percentage of Increase

3.09%

Reason

To comply with the minimum paid-up capital requirement of SAR 300 million for insurance companies.

Method

Issuing 900,000 new ordinary shares, representing nearly 3.09% of the company’s current capital, at a nominal value and offering price of SAR 10 per share.
Diar Al-Arabia Investment Co. will subscribe to all the new shares, increasing its ownership to 3% of the company’s capital after the increase.

Record date

Diar Al-Arabia Investment Co. will be entitled to subscribe to the new shares as of the date of the EGM that approves the capital increase through a share offering, with preemptive rights suspended.
 

The company said in a statement to Tadawul that existing shareholders’ ownership will decrease from 100% to 97% of total capital upon completion of the capital increase.

 

The EGM will also vote on amending Article 7 of the company’s bylaws, relating to capital, and Article 8, relating to share subscription.

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