Allied Cooperative Insurance Group (ACIG) has spent the SAR 100 million proceeds generated from the rights issue, which took place in September 2012, as planned, the insurer said in a statement to Tadawul on Sunday.
The company said it has spent SAR 5.7 million for underwriting fees and expenses related to the issue, while SAR 10 million was made a statutory deposit.
The remaining amount covered the statutory reserves and solvency margin that are legally required for cooperative insurance companies, the firm said.
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