Arig to strengthen capital base

Arig's shareholders have approved plans for the Bahrain-based (re)insurer to raise $100m through a ri...

Arig's shareholders have approved plans for the Bahrain-based (re)insurer to raise $100m through a rights issue after writing off accumulated losses.
The shareholders voted in favour of the capital-raising initiative at an extraordinary general assembly today.
Before it launches the rights issue Arig will first reduce the number of its shares from 360 million to 150 million by cancelling all shares and issuing five new ones for every 12 old ones. The nominal value of each share will remain $1.
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