The Saudi Arabia Capital Market Authority approved Allied Cooperative Insurance Group’s request to increase its capital from SAR 291 million to SAR 300 million by offering 900,000 shares valued at SAR 9 million and suspending existing shareholders’ preemptive rights. The offering will be limited to investor categories specified in the Rules on the Offer of Securities and Continuing Obligations. The approval is conditional on the company securing extraordinary general assembly approval within six months and meeting all applicable regulatory and legal requirements. The company must disclose details of the capital increase and offering sufficiently before the shareholder vote. The authority cautioned shareholders to review those disclosures carefully and clarified that its approval confirms compliance with legal requirements but is not a recommendation to participate in the offering or invest in the company.
2026-09-21Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority approves Allied Cooperative Insurance Group's SAR 9 million capital increase without preemptive rights
The Saudi Arabia Capital Market Authority approved Allied Cooperative Insurance Group’s plan to raise its capital from SAR 291 million to SAR 300 million through an offering of 900,000 shares without preemptive rights. The company must obtain extraordinary general assembly approval within six months and disclose the transaction details before the vote.