Logo of Allied Cooperative Insurance Group’s (ACIG)
Allied Cooperative Insurance Group’s (ACIG) received today, Aug. 27, the approval of the Insurance Authority to increase capital from SAR 291 million to SAR 300 million by issuing 900,000 ordinary shares at an amount of SAR 9 million, while suspending preemptive rights. 
Moreover, Diar Al-Arabia Investment Co. will subscript for all new shares.
For more news on listed companies
In a statement to Tadawul, the company said that the approval is valid for one year from its date, provided that the company fulfills all the requirements of other official authorities.
Any future developments will be announced if available, it noted.
According to Argaam’s data, ACIG’s board of directors recommended, on July 27, a capital increase via a share offering, with the suspension of preemptive rights. The company seeks to raise SAR 9 million in proceeds from the capital top-up. The increase is to comply with the minimum paid-up capital requirement for insurance companies at SAR 300 million.
ACIGwas directedby IA on July 15 to submit a corrective plan within 10 business days, outlining the necessary steps for the insurer’s compliance with the minimum paid-up capital requirement for insurance companies.
On June 22, shareholdersrejectedthe board’s recommendation to increase capital via a rights issue worth SAR 209 million.
Logo of Allied Cooperative Insurance Group’s (ACIG)
Allied Cooperative Insurance Group’s (ACIG) received today, Aug. 27, the approval of the Insurance Authority to increase capital from SAR 291 million to SAR 300 million by issuing 900,000 ordinary shares at an amount of SAR 9 million, while suspending preemptive rights.
Moreover, Diar Al-Arabia Investment Co. will subscript for all new shares.
For more news on listed companies
In a statement to Tadawul, the company said that the approval is valid for one year from its date, provided that the company fulfills all the requirements of other official authorities.
Any future developments will be announced if available, it noted.
According to Argaam’s data, ACIG’s board of directors recommended, on July 27, a capital increase via a share offering, with the suspension of preemptive rights. The company seeks to raise SAR 9 million in proceeds from the capital top-up. The increase is to comply with the minimum paid-up capital requirement for insurance companies at SAR 300 million.
ACIGwas directedby IA on July 15 to submit a corrective plan within 10 business days, outlining the necessary steps for the insurer’s compliance with the minimum paid-up capital requirement for insurance companies.
On June 22, shareholdersrejectedthe board’s recommendation to increase capital via a rights issue worth SAR 209 million.
