Riyadh — Mubasher: The Capital Market Authority (CMA) has granted approval for Allied Cooperative Insurance Group (ACIG) to increase its share capital from SAR 291 million to SAR 300 million.
The expansion, which was approved by the Insurance Authority, will be executed through the issuance of 900,000 new shares with a total value of SAR 9 million.
According to the regulatory filing, the capital hike will be conducted by suspending preemptive rights, limiting the offering to specific investor categories defined under the Rules on the Offer of Securities and Continuing Obligations.
This approval is conditional upon the company obtaining consent from its extraordinary general meeting (EGM) within six months of the CMA’s decision.
ACIG is required to publish detailed information regarding the capital increase and offering terms well in advance of the shareholder meeting to ensure informed voting.
The CMA noted that its approval signifies compliance with the Capital Market Law and its executive regulations but does not constitute a recommendation on the investment feasibility of the offering.
Shareholders are advised to review the forthcoming disclosures or consult a licensed financial advisor before voting on the resolution.
