(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 announced that the subscription process for the rights issue has reached coverage of 105 percent as of Friday evening, the seventh day of the subscription period.
Basil Al-Ghalayini, CEO and chairman of BMG Financial Group, stated that the subscription process of the rights issue for the capital increase of Allied Cooperative Insurance Group (ACIG), commenced on Sept. 15 and ended yesterday (Saturday). He added that the capital increase includes the issue of shares with a total value of SR 100,000,000, and at an offering price of SR 10 per share, representing a capital increase of 100 percent.
Al-Ghalayini noted that the receiving banks - Al Rajhi Bank, Bank Al Jazira, Bank Al Bilad, Saudi Hollandi Bank, and the National Commercial Bank (NCB) - have received the subscription applications from subscribers across all their branches throughout the Kingdom, and via multiple electronic means available around the clock throughout the subscription period.
Wael Basrawi, head of investment banking for the Central Region at BMG, said the subscription period of ACIG, which ended yesterday (Saturday) has witnessed strong demand which reflects the subscribers' confidence in the future of the insurance market in Saudi Arabia, adding that the coverage rate and the volume of demand for the rights issue shares are strong indications of a favorable investment climate in the Kingdom.