Arig sets date for rights issue

Arab Insurance Group (Arig) is to proceed shortly with the launch of a new shares rights issue, to raise company capital base by $100 million, a spokesman said yesterday.

The launch of the rights issue is the second stage in the implementation of the recapitalisation initative, which was approved by shareholders at an extraordinary general assembly meeting last month.

Al Ahli United Bank will act as the receiving bank for the rights share issue, which will open on September 1 to 15.

The trading of Arig shares on BSE and other markets where Arig is listed, will be suspended on August 25, prior to the opening of the subscription and in compliance with Bahrain's Commercial Companies Law and the by-laws of BSE.

The recapitalisation will be complete with the issue of new shares by September 19. The group's annual ordinary general assembly meeting will be held on September 29 where a new board of directors will be elected.