ACIG Announces Results of Right Issues Trading and New Shares Subscription

Allied Cooperative Insurance Group (ACIG) announced on Sunday the Results of Right Issues Trading and New Shares Subscription, and the details of Selling Unsubscribed Shares. A number of (13,329,602) shares were subscribed from the new offered shares out of total number of (15,000,000) new shares.

The company indicated on Tadawul on Sunday that the value of the subscribed shares is SR 133,296,020.

The company added that the rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers for the rump shares, which shall be allocated to institutional investors by giving priority to the highest bid, then the lowest and the lowest (provided that it is not less than the offering price), with shares being allocated on a proportional basis among those institutional investors that have tendered offers at the same price. In the event shares remain unpurchased by institutional investors, then these shares shall be allocated to the underwriter who will purchase them at the offering price.

The remaining offering start date is 18.01.2022 and the remaining offering end date is 19.01.2022.

The company concluded that the rump offering for unsubscribed shares, amounting to (1,670,398) shares, shall start at 10:00 am on 18-01-2022 and continue until 5:00 pm on Wednesday 19.01.2022.