ACIG gets IA’s nod to extend capital hike approval via rights issue

Logo of Allied Cooperative Insurance Group (ACIG)

Allied Cooperative Insurance Group (ACIG) received, on Jan. 29, the nod of the Insurance Authority (IA) to extend the previously granted approval to increase the company's capital through a rights issue for an additional six months.

In a statement to Tadawul, the insurer said IA required the company to meet all the requirements of other official authorities.

For More IPOs

Any future developments in this regard will be announced as they become available.

Costs associated with the extension will be determined later, the insurer said.

In October 2023, ACIG's board of directors recommended a SAR 209 million rights issue to increase the company’s capital, according to Argaam's data.

The company received the approval of the IA to increase capital through a rights issue in January 2024.

The proposal aims to support the company's expansion and improve its solvency margin.