Logo of ACIG
Allied Cooperative Insurance Group (ACIG) issued the prospectus for its capital increase through rights issue.
The Capital Market Authority (CMA) approved the request received from the company, dated Sept. 20, to increase capital through SAR 150 million rights issue, as per Argaam's data.
The company's board of directors recommended in January 2020, a capital increase through a rights issue worth SAR 150 million.
The company's shareholders approved in June a 29.5% capital reduction to SAR 141 million from SAR 200 million to offset accumulated losses.
The rights issue is aimed to enhance the company's solvency and support its expansions.
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Capital Hike Details |
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Current Capital |
SAR 141 mln |
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Number of shares |
14.10 mln shares |
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Capital hike% |
106.38% |
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Capital after increase |
SAR 291 mln |
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Number of shares after increase |
29.10 mln shares |
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Rights Issue Details |
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Number of rights shares |
15 mln shares |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 150 mln |
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Eligibility Ratio |
Each registered shareholder shall have the right to subscribe to 1.06 shares per each owned share. |
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Record date |
Shareholders of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
Financial investments |
SAR 124.5 mln |
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Increasing the statutory deposit |
SAR 22.5 mln |
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Issue costs |
SAR 3.0 mln |
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