ACIG submits capital cut request to CMA

Allied Cooperative Insurance Group (ACIG) submitted, on April 26, 2020, a request to the Capital Market Authority (CMA) to cut its capital by 29.5%, the company said in a statement to Tadawul.

The related developments will be announced later on, the statement added.

According to data compiled by Argaam, ACIG’s board of directors recommended in January this year a 29.5% capital cut to SAR 141 million from SAR 200 million to restructure the company’s capital and offset accumulated losses.