The CMA announces its resolution approving Allied Cooperative Insurance Group Company's (the “Issuer") request to increase its capital from SAR (291,000,000) to SAR (300,000,000) through offering of (900,000) shares with the suspension of preemptive rights valued at SAR (9,000,000). The shares offering resulting from the capital increase will be limited to investors categories stipulated in the Rules on The Offer of Securities and Continuing Obligations.
This approval is conditional upon the issuer obtaining the approval of the extraordinary general assembly within six months from CMA's approval date and satisfying all related regulatory requirements and applicable laws. The Issuer shall announce the details of the capital increase prior to the Extraordinary General Assembly convened to vote on the proposed resolution by sufficient time.
The Shareholder's voting decision to increase the Issuer's capital with the suspension of preemptive rights, without carefully reviewing the disclosed details relating to the capital increase transaction and the details of the offering and fully considering their contents, may involve significant risks. Therefore, Shareholders must carefully review the disclosed details of the capital increase transaction and the details of the offering, to make an informed vote at the relevant extraordinary general assembly. If those disclosures proves difficult to understand, it is recommended to consult an authorized financial advisor.
The CMA's approval of the Issuer's application should never be considered as a recommendation to participate in the offer nor invest in the Issuer's shares. The CMA's approval of the Issuer's application merely indicates that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.
