ACIG gets CMA nod to up capital via rights issue

Logo of Allied Cooperative Insurance Group (ACIG)

Allied Cooperative Insurance Group (ACIG) received the go-ahead from the Capital Market Authority (CMA) to increase its capital through a SAR 209 million rights offering.

Eligible shareholders are those registered with the Securities Depository Center (Edaa) by the close of the second trading day following the deciding extraordinary general meeting (EGM).

The rights issue date will be set later by the company’s board of directors, the CMA said in a statement today, March 27.

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The offering price and the number of shares available for subscription will be determined by the company after the close of trading on the EGM date.

The Saudi market regulator also stated that the rights issue prospectus will be published and made available to the public at a later date.

The CMA’s approval should not be considered as an endorsement of the investment viability of the offering or the company’s shares.

In October 2024, ACIG announced its board’s recommendation on a capital increase through a rights issue. In August 2024, the company filed for the capital increase approval to the CMA, according to Argaam’s data.