Register | Forgot password?
Switch to Arabic
Thursday, November 12 - 2009

CMA announces Al Alamiya IPO date

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.

Article continues below
 
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 SR10 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."
Also consider reading:
Log in to request more information from RSA (Royal & SunAlliance)

Notes and media contacts

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, Asia, Middle East and Latin America. Focusing on general insurance, it has around 22,000 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 a top five 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 1976 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.

For further information please contact:
Chris Evans
Deputy General Manager KSA
Hill & Knowlton
T: +966 1 288 6734
or
Vidya Veerapandian
Marketing and Communications Manager KSA & Bahrain
RSA Group
T: +973 1758 1661

Disclaimer:

Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com

Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.

For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions