Riyadh – Mubasher: The extraordinary general meeting (EGM) of Allied Cooperative Insurance Group (ACIG) has approved a capital increase by SAR 150 million by offering priority rights.

To raise the capital, the company will offer and list 15 million ordinary shares, according to a bourse disclosure on Thursday.  

The Saudi listed company noted that the decision will strengthen its solvency margin and support its expansion plans.

 It is worth noting that in September, ACIG's capital hike was approved by the Saudi Capital Market Authority (CMA).