ACIG's rights issue oversubscribed

BMG Financial Group, the financial adviser for the capital increase (rights issue) of Allied Cooperative Insurance Group (ACIG), announced that the subscription process for the rights issue has reached a coverage of 14,064,335 shares representing 140.6 percent of 10,000,000 total shares. The number of subscribers has reached 4,141 subscribers, who have paid a total of SR 188 million toward this subscription. The Saudi Capital Market Authority (CMA) agreed to apply the financial market allocation where each shareholder received full eligibility on the shares he subscribed for. For the shareholders who have requested additional shares, their requests have been met at a price of SR 30.90, which was based on the ownership percentage at this price as of the eligibility date. Refunds in additional shares subscription has already started. Basil Al-Ghalayini, CEO of BMG Financial Group, stated that the successful conclusion of ACIG reflects the confidence of the shareholders in the future of the insurance market in the Kingdom. Wael Basrawi, head of the Central Region team at BMG, has emphasized the support of Saudi Arabian Monetary Agency, CMA and the Ministry of Commerce & Industry in guiding the process of this capital increase. In addition, he expressed his sincere thanks to the management of ACIG for their cooperation and trust in BMG Financial Group for its role as the financial advisor of ACIG's capital increase. Arab news