United Insurance announces extension of rights issue

18/05/2017 06:00 AST

United Insurance Company said it has received the approval from the Securities and Commodities Authority to extend the subscription period for shares to increase the company’s capital.

The rights issue is scheduled to end on June 6, instead of the previously set date of May 18, the insurance firm said in a bourse statement.

The company had previously invited investors to subscribe in shares for increasing the company’s capital. It said that subscription invitation was published in papers on March 27, 2017. The company had also previously extended the pre-emption rights trading period and has altered the subscription timeline as per the announcement published in papers on May 5.


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