​The CMA would like to clarify that Metlife, American International Group & Arab National Bank Cooperative Insurance Company’s application to increase its share capital through rights issue will be presented to the CMA’s Board within two weeks from the date of announcement.

As of the date of this announcement, the CMA does not have any filed capital increase applications through rights issue offering except for the above mentioned application.
The CMA also would like to highlight some key points related to the process of capital increase through rights issue offering:

1. In addition to the relevant regulatory and legal procedures, companies looking to increase their capital through rights issue offering should go through the following steps:
• The announcement of Company’s Board of Directors' recommendation of the capital increase.
• The appointment of an authorized financial advisor to be the main point of contact with the CMA in relation to the application, and to ensure that the issuer has satisfied all regulatory conditions required to register and list the new shares to be issued.
• The appointment of an authorized underwriter to underwrite the full offer.
• File an application that includes a prospectus with the CMA to ensure that all regulatory requirements as per the Capital Market Law and its Implementing Regulations have been satisfied.
• Publish the capital increase prospectus on the CMA's and Tadawul's websites, after obtaining the CMA Board’s approval.
• Hold an extraordinary general assembly meeting to vote on the capital increase, as per the Companies Law.
2. Investment decisions based solely on the company's capital increase announcement, or on the announcement of the CMA approval of the capital increase prospectus, without carefully reading the prospectus and reviewing its contents may involve high risks. Therefore, investors should carefully read the prospectus (which includes detailed information on the company, the offering and the associated risk factors) to be able to evaluate the feasibility of investing in the offering in light of the associated risks. If the prospectus proves difficult to understand, it is recommended to consult with an authorized financial advisor.
3. CMA’s Board approval of offering prospectuses should never be viewed as a recommendation to invest in the offering or in the listed shares of the subject company. The Board’s approval of a prospectus merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been satisfied.