ACIG gets SAMA's nod on 29.5% capital cut

Allied Cooperative Insurance Group (ACIG) obtained the approval of the Saudi Arabian Monetary Authority (SAMA) for a 29.5% capital reduction to SAR 141 million, the company said in a bourse filing.

In mid-January, the company’s board of directors recommended to reduce capital by SAR 59 million to SAR 141 million from SAR 200 million.

The board also recommended raising the company’s capital afterwards through a SAR 150 million rights issue, which aims to boost solvency margin and support expansions.