VOL. XLV

No 45

11-November-2002

BAHRAIN

ARIG Calls Off $100Mn Rights Issue

Bahrain-based Arab Insurance Group (ARIG) announced on 30 October that it had called off its $100mn rights share offering, which closed on 15 October, after the withdrawal of one of its two sovereign shareholders. The underwriting commitment had been key to the offering and now that it has been rescinded, the company plans to arrange refunds for shareholders who had subscribed to the issue, ARIG said.

Despite this...