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Riyadh - Allied Cooperative Insurance Group (ACIG) announced receiving a no-objection letter from the Saudi Arabian Monetary Authority (SAMA) to increase the company’s capital via a rights issue valued at SAR 150 million.
ACIG wants to increase the capital to SAR 291 million from SAR 141 million, according to a statement to the Saudi bourse on Sunday.
The approval is subject to the completion of all regulatory requirements, ACIG noted, adding that it will provide further details in due course.
In January, ACIG board recommended reducing the company’s capital by 29.5% from SAR 200 million to SAR 141 million then raising the capital by SAR 150 million, in a bid to offset accumulated losses, through the cancellation of 5.9 million shares.
Accumulated losses amounted to SAR 59.59 million, representing 29.8% of its SAR 200-million capital.
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