Local News
CMA announces Al Alamiya IPO date
6/8/2009 - 30% of Al Alamiya equity capital to be offered for Subscription
Riyadh 7th June, 2009: The Capital Markets Authority (CMA) grants approval to Al Alamiya's IPO file and has announced the IPO will take from (14/10/1430)H to (20/10/1430)H, which corresponds to the period from (3/10/2009)G to (9/10/2009)G. Al Alamiya, which is part of one of the world’s leading insurance groups RSA, has been operating in the Kingdom since 1976. In the recent past, Al Alamiya has been working very closely its partners towards an IPO since being granted its Royal Decree on the 5th January 2009.
Al Alamiya will launch its initial public offering (IPO) by floating 30% of its equity capital on the Saudi Stock Exchange. Al Alamiya has signed Riyad Capital as the lead manager and the sole underwriter and Morgan Stanley Saudi Arabia as financial advisor for its IPO launch. Six million shares will be floated and priced at SR 10 per share.
Mark Cooper, proposed Managing Director of Al Alamiya, said, “CMA’s approval is a significant milestone for Al Alamiya in Saudi Arabia. On behalf of Al Alamiya I extend my deep thanks and sincere appreciation to the Government of the Kingdom of Saudi Arabia as well as the Regulatory Authorities. We have been in the Kingdom for over 30 years and this IPO represents our on-going commitment to conduct business within the Kingdom.”
Suliman Al-Gwaiz, Deputy Chief Executive Officer for Riyad Bank and RSA Chairman for the Middle East added, “We have been a major partner of RSA in the Middle East and Al Alamiya for many years. The floatation of Al Alamiya is a key development for us at Riyad Bank.”