ACIG says rights issue proceeds spent as planned

Allied Cooperative Insurance Group (ACIG) has spent the SAR 100 million proceeds generated from the rights issue that took place in September 2012 as planned, the insurer said in a statement to Tadawul on Monday.

The company said it has spent SAR 5.7 million for underwriting fees and expenses related to the issue, while SAR 10 million was made a statutory deposit.

The remaining amount covered the statutory reserves and solvency margin that are legally required for cooperative insurance companies, the firm said.