AICC signs agreement with Al Rajhi Cap to manage SAR 265 mln rights issue

09/10/2022 Argaam
Logo ofArabia Insurance Cooperative Co.

Logo of Arabia Insurance Cooperative Co.

Arabia Insurance Cooperative Co. (AICC) signed on Oct. 6 an agreement with Al Rajhi Capital as a lead manager and underwriter, according to a bourse filing on Oct. 9.

 

Al Rajhi Capital will manage and cover the offering of the company's capital raise via SAR 265 million rights issue.

 

The extraordinary general assembly meeting’s (EGM) date will be announced after obtaining the necessary approvals from the competent authorities.

 

There is no financial impact to date, the statement noted. On Aug. 1, AICC postponed the EGM scheduled on Aug. 2 to vote on a rights issue to increase the company’s capital. This was due to the withdrawal of the underwriter, Alinma Investment Co., of the underwriting commitment, Argaam reported.

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