ACIG says SAMA extends capital increase approval by 6 months

05/12/2021 Argaam

Logo of Allied Cooperative Insurance Group 

Allied Cooperative Insurance Group (ACIG) said that Saudi Central Bank (SAMA), on Dec. 2, extended its previous approval on the company's capital increase from SAR 141 million to SAR 291 million through a rights issue for an additional six months.

 

According to SAMA’s rules, ACIG will to fulfill all the requirements of other official authorities. SAMA must also be provided with a quarterly update on the measures taken for the capital increase process, ACIG said in a bourse statement.

 

The company will announce any future developments in this regard, if available.

 

ACIG board recommended raising capital to SAR 291 million through a SAR 150 million rights issue, following the capital cut process, Argaam reported.

 

The insurer obtained on Oct. 1 SAMA’s approval on its proposed rights issue to raise its capital.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.