Logo of Allied Cooperative Insurance Group
Allied Cooperative Insurance Group (ACIG) announced the details of the rights issue and the subscription to the new shares, as follows:
|
Details |
|
|
Total Offered Shares |
15 mln |
|
Number of Subscribed Shares |
13.33 mln |
|
Subscription Value |
SAR 133.3 mln |
|
Coverage Ratio |
88.86% |
|
Rump shares |
1.67 mln |
|
Offering Date of Rump Shares |
Jan. 18-19, 2022 |
Rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers for the rump shares.
Remaining shares will be allocated to institutional investors pro rata. Unsubscribed shares will be offered to the underwriter at the offering price.
ACIG shareholders approved the board of directors’ recommendation to increase capital to SAR 291 million from SAR 141 million through a SAR 150 million rights issue during the extraordinary general meeting (EGM) held on Dec. 29, Argaam reported.
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