(MENAFN - Arab News) BMG Financial Group, the financial advisor for the capital increase of Allied Cooperative Insurance Group (ACIG), in cooperation with Aljazira Capital, the flotation manager and underwriter, has completed all the necessary preparations to commence the subscription process for the rights issue. Subscriptions commenced yesterday and will continue for eight days until the end of the trading day on Sept. 22.
The capital increase will include the issue of shares (rights issue shares) with a total value of SR 100 million. ACIG will issue 10,000,000 rights issue shares with an offering price of SR 10 per share, with the aim of increasing its capital to SR 200 million.
Basil bin Mohammed Khair Al-Ghalayini, CEO, BMG, stated that BMG in collaboration with Aljazira Capital is following up with the receiving banks - Al-Rajhi Bank, Bank Al Jazira, Bank Al Bilad, Saudi Hollandi Bank, and the National Commercial Bank (NCB). This is to provide the necessary arrangements and resources to facilitate subscription for subscribers across all branches of these receiving banks across the Kingdom or via multiple electronic means available around the clock throughout the subscription period.
Al-Ghalayini also referred to ACIG's extraordinary general assembly (EGA) that approved at the end of its meeting, which was held on Sept. 4, the capital increase of ACIG by issuing rights shares which will be limited to the shareholders enrolled at the end of the trading day of the EGA meeting. He also pointed to the prospectus posted on the websites of the Capital Market Authority (www.cma.org.sa), the Saudi Stock Exchange-Tadawul (www.tadawul.com.sa), ACIG (www.acig.com.sa), BMG Financial Group (www.bmg.com.sa) and Aljazira Capital (www.aljaziracapital.com.sa).
Al-Ghalayini expressed his happiness over managing the capital increase of ACIG, whereby all the necessary procedures and organizational plans were completed to provide all subscribers with the flexibility and facilities to subscribe either through the receiving banks throughout the Kingdom, or via electronic means during the subscription process.