Tadawul sets fluctuation limits for ACIG after capital cut

Allied Cooperative Insurance Group's (ACIG) daily trading fluctuation limit after its capital reduction will be based on a share price of SAR 34.05 as of today, the Saudi Stock Exchange (Tadawul) said in a statement.

Meanwhile, the outstanding orders will be canceled.

Trading on the company’s shares will be suspended for two business days, starting Thursday, August 27 until Sunday, August 30.

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by August 30, the statement added.

In January this year, the company’s board of directors recommended a 29.5% capital reduction to SAR 141 million from SAR 200 million to offset accumulated losses.