Arabia Insurance’s rights trading, new shares subscription delayed to Nov. 27

24/11/2022 Argaam

Arabia Insurance’s rights trading, new shares subscription delayed to Nov. 27

Logo of Arabia Insurance Cooperative Co.

The start of Arabia Insurance Cooperative Co.'s (AICC) subscription to new shares and rights trading has been postponed to Nov. 27, according to a statement to Tadawul. 

  

Rights trading will end on Dec. 4, while subscription to the new shares will close on Dec. 7. 

 

No financial impact is expected from this delay, the insurer added. 

  

Shareholders of record until the close of trading on the extraordinary general meeting (EGM) date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date, Nov. 20, will be eligible for the rights issue. 

 

Shareholders approved a capital increase by 100% through a SAR 265 million rights offering, during the EGM held on Nov. 20, according to data available with Argaam. 

 

The company previously announced that subscription to new shares and rights trading would begin on Nov. 24. The rights trading was to end on Dec. 1, while subscription to the new shares would close on Dec. 6.  

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