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.