ACIG to raise capital by 150%

Omar Hafiz, chief executive of Saudi Arabia's Allied Cooperative Insurance Group (ACIG), has said the company is waiting for approval from the central bank and the Capital Market Authority to increase its capital by 150% in the first-quarter and expects to turn a profit by 2011, Reuters has reported. The firm plans to increase its capital to SR250m ($66.7m) from SR100m after incurring losses in its first two years through a rights issue, as it plans to get involved in reinsurance operations.