Arabia Insurance postpones EGM for capital raise as underwriter withdraws

RIYADH: In an unprecedented move for a Saudi-listed company, Arabia Insurance Cooperative Co. has postponed its extraordinary general assembly meeting scheduled to be held on Aug. 2 to vote on a capital raise.

The meeting was delayed until further notice due to the withdrawal of Alinma Investment Co. from its underwriting commitment without any legal or regulatory justification, according to a bourse filing.

Arabia Insurance said it will announce any major developments regarding the capital increase through a rights issue as soon as they occur.