SABB launches Almarai IPO subscription through ATM

Geoff Calvert, SABB Managing Director stated: "This is the first time customers will be able to use ATMs for share subscriptions in an effort to better serve our customers and reduce long queues in our branches. SABB customers holding an ATM card and who subscribed to previous IPOs through SABB will be able to use this new service.."

Mr calvert added "This service will be available on all SABB ATM machines throughout the Kingdom 24 hours a day. SABB will also provide Phone Banking and ATM subscription channels in addition to the traditional methods of subscription. Electronic pre-registration forms are also available through www.Ektetab.com as introduced for the NCCI IPO. The self/pre-registration web site will be available to potential subscribers on 29 June."

Almarai has appointed HSBC as financial advisor and SABB as the lead manager and lead underwriter to the Almarai IPO. Ioannis Karapatakis, Director and Head of Investment Banking Advisory, HSBC mentioned that "the Almarai IPO offering is valued at SAR2.3 billion, of which 50% will be underwritten by SABB and the balance allocated equally with four other banks acting as receiving banks and co-underwriters to the transaction."

Mr Karapatakis also stated "the Almarai IPO is a landmark transaction, which should pave the way for more limited liability companies to go to the market under CMA listing rules".

HSBC and SABB are in the process of setting up an investment-banking vehicle offering a wide range of investment banking solutions in Saudi Arabia. In recognition of their achievements and contribution to the development of the equity capital market in Saudi Arabia, Euromoney awarded HSBC and SABB 'The Best Equities House in Saudi Arabia" award of excellence for the year 2005.