ACIG, SIEC submit capital raise requests to CMA

ACIG board recommended reducing the company’s capital by 29.5%

  
Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) submitted a request to the Capital Market Authority (CMA) for a SAR 150 million capital raise via a rights issue, according to a bourse disclosure on Sunday.

ACIG wants to increase its capital to SAR 291 million from SAR 141 million.

In January, ACIG board recommended reducing the company’s capital by 29.5% from SAR 200 million to SAR 141 million and then raising it by SAR 150 million, in a bid to offset accumulated losses.

In a separate statement, the Saudi Industrial Export Company (SIEC) said it submitted on 31 December 2020 a request to the CMA for a SAR 129.6 million capital increase by way of a rights issue.

The capital hike will support the company’s future expansion projects and help reduce its losses.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities