Allied Cooperative Insurance Group logo
Allied Cooperative Insurance Group (ACIG) applied on Thursday, Dec. 31, 2020, for the approval of the Capital Market Authority (CMA) on the capital increase through a SAR 150 million rights issue, the company said in a bourse statement.
The Saudi insurer said the relevant updates will be duly revealed. In January 2020, ACIG’s board of directors recommended a 29.5% capital reduction to SAR 141 million from SAR 200 million to restructure the company’s capital and offset accumulated losses. The board also recommended raising the company’s capital afterwards through a SAR 150 million rights issue, Argaam reported.
In August, the insurer’s extraordinary general meeting (EGM) approved the board’s recommendation on a 29.5% capital reduction from SAR 200 million to SAR 141 million, through cancelling 5.9 million shares.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}