Bemo Saudi Fransi Finance to manage Noor Takaful Insurance's IPO

The IPO is to be initiated in the coming months, once granted approval by the Syrian Commission on Financial Markets and Securities (SCFMS).

BSFF was recently appointed by Noor Takaful Insurance to manage the public offering of 50.1% of the company's SYP1.5bn capital. The offering is targeted to raise SYP751.5m through the issuance of 1,503,000 shares at a share price of SYP500.

Led by Noor Financial Investment Co. and National Industries Group of Kuwait, the founders of Noor Takaful Insurance, which include Syrian and non-Syrian individual and institutional investors, have collectively contributed 49.9% of the company's capital or SYP751.5m.

As IPO Manager, BSFF will act as the main liaison between Noor Takaful Insurance, the SCFMS and the participating banks in which the actual subscriptions will take place. Among its responsibilities, BSFF will prepare the IPO Prospectus, coordinate the promotional campaign and monitor the subscription process at the appointed banks.

Noor's mandate follows BSFF's recent announcement that it had secured the SCFMS's approval on Banque Bemo Saudi Fransi's capital increase of SYP750m (through the issuance of 1.5 million new shares in which existing shareholders will have the preferential right to subscribe into) in addition to Bank Al Sharq's IPO for SYP512.5m.

BSFF is a financial services and investment company providing financial advisory, brokerage, asset management and IPO management services to both individual and institutional investors in Syria.