Group News
Al Alamiya’s IPO oversubscribed by 7times
2/11/2010 - Al Alamiya’s IPO oversubscribed by 7times
Riyadh, Saudi Arabia – 10 October 2009: Al Alamiya Cooperative Insurance Company, a Saudi joint stock company under formation, has announced that at the end of the subscription period, its IPO was oversubscribed by 748.70%, with 851,103 subscribers corresponding to SAR 449,217,000 capital.
Al Alamiya offered a total of six million shares, representing 30% of the company’s capital. The shares were priced at SR 10 each.
Al Alamiya kept its window for the subscription period open for a period of seven days. The IPO was assisted by Morgan Stanley, who acted as the Financial Advisors, and Riyad Capital, who acted as Lead Manager and Sole Underwriter in relation to the offering.
Mark Cooper, proposed Managing Director of Al Alamiya, said, “We are pleased to welcome all of our new investors to Al Alamiya. Backed by 30 years of local knowledge and experience, coupled with International expertise, we are confident of building a strong operating model to ultimately create value to our investors. The IPO has been incredibly successful and we are extremely proud of the outcome.”
“We would like to take this opportunity to extend our sincere thanks and gratitude to the Saudi Arabian Authorities for their support throughout the process. We would also like to thank our partners, particularly Morgan Stanley and Riyad Capital, who have played an integral part in our IPO journey and have been with us throughout the process to ensure successful completion.” , added Cooper.
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NOTE TO EDITORS:
For further information please contact:
Vidya Veerapandian, Marketing and Communications Manager KSA & Bahrain, RSA Group on +973 17568367or email vidya.v@bh.rsagroup.com
About RSA
RSA is one of the world's leading insurance groups, with the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Central and Eastern Europe, Asia, Middle East and Latin America. Focusing on general insurance, it has around 21,000 employees worldwide.
In Kingdom of Saudi Arabia, Al Alamiya is equipped with a portfolio of strong commercial and personal lines products.
The company brings together as its shareholders the Royal & SunAlliance Insurance Middle East Ltd., three prominent Saudi families and one of the Kingdom's leading banks - Riyad Bank. As an established international insurance company in the kingdom, our major strength over the years has been our reputation for quality, integrity and professionalism. Many of our high profile Saudi customers have been with Al Alamiya since its inception in 1978 and the business has established itself as a good role model of international expertise and local shareholder strength.
In Asia & Middle East, RSA has its regional headquarters in Dubai with operations in 8 countries – China, India, Hong Kong, Singapore, UAE, Oman, Saudi Arabia and Bahrain. In 2006, 2007 and in 2008, RSA was awarded the ‘Middle East General Insurer of the Year' title by POLICY magazine.