Saudi: ACIG cancels stock split, maintains share value

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The board decided to maintain the current $2.66 a share nominal value as well as the same number of shares which is $7.76mln

Staff Writer, Mubasher

January 3, 2024

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Riyadh – The board of Allied Cooperative Insurance Group (ACIG) reversed its decision to split the nominal value of the share from SAR 10 per share to SAR 0.10 per share during its 6 December 2023 meeting.

The board decided to maintain the current SAR 10 a share nominal value as well as the same number of shares which is 29.10 million, according to a bourse disclosure.

This decision came due to the futility of the share split after the board recommended on 19 October 2023 to increase the company's capital to SAR 500 million.

In the first nine months (9M) of 2023, ACIG swung to a net profit before Zakat of SAR 52.16 million.

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