SAICO’s Board resumes the capital raise procedures

24/06/2014 Argaam

The board of directors of Saudi Arabian Cooperative Insurance Company (SAICO) recommended resuming the procedures of the SAR 150m rights issue.

The issuance price and number of shares to be offered will be determined after obtaining regulatory procedures; the company said in its filing to Tadawul today.

The company added that the issuance is limited to registered shareholders at the end of the extraordinary general assembly day.

According to data available by Argaam; the Company withdrew the capital raise request in January for completing required procedures.

SAICO’s board has recommended late 2010 a capital raise of SAR 150m through a rights issue.

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