In terms of value, this represents a total coverage of 114.5% from the SR300m the Company sought to raise.
According to statistics provided by Aldukheil Financial Group, the Financial Advisor & Lead Manager of the rights issue, SABB Takaful's eligible shareholders subscribed to 25,530,835 shares, representing 106.4% of the rights issue shares.
SABB Takaful kept its subscription period window open for ten working days. The successful rights issue was coordinated and managed by Aldukheil Financial Group, while Saudi Hollandi Capital acted as the Underwriter.
Shareholders were able to subscribe through any of the appointed receiving banks branches, in addition to electronic channels such as telephone and internet banking, as well as via ATM's.
The final allocation for the offered shares will be announced latest by 1 September 2009.
Dr. Yazid AbdulRahman Al-Ohaly, Chairman of SABB Takaful, said, "The rights issue has been incredibly successful and we are extremely proud of the outcome. We are very pleased with our shareholders' trust and enthusiasm to support our future business plans."
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SABB Takaful raises SR343m in Kingdom's first rights issue for insurance company
- Saudi Arabia: Tuesday, September 01 - 2009 at 09:10
- PRESS RELEASE
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SABB Takaful announced that it had successfully raised SR343.4m in capital through its rights issue.
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Posted by Siba Sami AmmariTuesday, September 01 - 2009 at 09:10 UAE local time (GMT+4)
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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 contact:
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
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 contact:
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
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