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, which took place in September 2012, as planned, the insurer said in a statement to Tadawul on Sunday.

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.