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SABB Takaful shareholders approve rights issue

At the Extraordinary General Meeting (EGM) of the company held in Riyadh on 8 August 2009, shareholders of SABB Takaful voted to increase the Company's capital by issuing rights issue shares with a total value of SR300m.

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  • (L-R) : Dr. Faisal Al Sugair, David Robert Hunt, Dr. Yazid Al Ohaly, and Richard William Groves.
    (L-R) : Dr. Faisal Al Sugair, David Robert Hunt, Dr. Yazid Al Ohaly, and Richard William Groves.

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Presided by Dr. Yazid Abdulrahman Al-Ohaly, Chairman of SABB Takaful, representatives of the Ministry of Commerce and Industry and the Capital Market Authority.

Dr. Al Ohaly said:
"We are very pleased that our shareholders have approved the rights issue which can now proceed in accordance with CMA regulations."


The subscription period for the rights issue will begin on 15 August 2009 and end on 26 August 2009. The rights issue offering is being made to SABB Takaful shareholders registered with Tadawul at the close of trading on 8 August 2009.

The rights issue price is SR12.50 per share, and the number of rights issue shares is 24 million shares. Shares not subscribed for, if any, will be available for eligible shareholders who subscribe for their rights in full. The prices of the additional shares subscribed for is SR12.50, SR19, SR26, and SR33.

The prospectus for the rights issue is available on the websites of the Capital Market Authority, SABB Takaful and Aldukheil Financial Group, Financial Advisor and Lead Manager.
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Related site: http://www.sabbtakaful.com

Notes and media contacts

About SABB Takaful Company:

SABB Takaful is a leading provider of Islamic insurance products in Saudi Arabia. It began trading in July 2007 and was the first Takaful company in the Kingdom to be listed on the Tadawul, the Saudi stock exchange, and the first in the HSBC Group to be publicly quoted.

SABB Takaful offers a comprehensive range of Takaful plans to meet individual and corporate customers' protection needs in the Kingdom including Shariah-compliant protection and savings schemes for individuals and families as well as property and marine plans for commercial customers.

Capitalised at SR100m, SABB Takaful is 32.5% owned by SABB, one of Saudi Arabia's largest financial services groups, and 32.5% by subsidiaries of the HSBC Group, with the balance owned by the public through an Initial Public Offering.

Media contacts:

SABB Takaful Company
Direct line: 01-276-4204, 01-276-4651, 01-276-4662

Yasmin Adem
Account Executive
Hill & Knowlton
Tel: +966 1 288 6734/35
Fax: +966 1 288 6736
Gulf Hill & Knowlton WLL, Riyadh, PO Box 251 Kingdom of Saudi Arabia
Siba Sami Ammari Posted by Siba Sami Ammari
Tuesday, August 11 - 2009 at 09:28 UAE local time (GMT+4)

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