Aljazira Takaful Ta’awuni hopeful of IPO success

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Updated 28 April 2013
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Aljazira Takaful Ta’awuni hopeful of IPO success

The Saudi Capital Market Authority (CMA) board has approved Aljazira Takaful Ta’awuni Company’s (ATT) initial public offering (IPO) of 10,500,000 shares, representing 30 percent of its share capital, amounting to SR 350 million.
The offer price will be SR 10 per share and the subscription period will be from May 13 to 19.
Abdulmajeed Al-Sultan, chairman of Aljazira Takaful Ta’awuni Company, said the CMA’s decision would largely enhance its corporate governance practices and protect shareholders’ rights through furthering its commitment to the regulatory standards of joint stock companies that are listed in the market.
Al-Sultan said the step will improve the company’s financial position and enable it to realize its strategic objectives to become the local and regional leader of Shariah-compliant cooperative insurance.
He said the objectives will be realized through the provision of innovative high-quality insurance solutions that meet customer requirements and work for the stakeholders’ best interest.
He also highlighted the company’s reputation in Saudi market through its subsidiary relation with Aljazira Bank over the past 10 years.
Despite being still under establishment, Aljazira Takaful Ta’awuni is considered to be one of promising companies in the cooperative insurance sector in Saudi Arabia.
ATT was the leader in spreading the cooperative insurance in the Kingdom through its work under the umbrella of Bank Aljazira during the past 10 years.
The company succeeded to build and retain a strong large base of corporate and individual clients and to claim a number of global highly-recognized field-related awards.


Oil prices fall on expected output rise after OPEC deal

Updated 25 June 2018
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Oil prices fall on expected output rise after OPEC deal

SINGAPORE: Brent crude oil prices fell over 1.5 percent on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday.
Brent crude futures, the international benchmark for oil prices, were at $74.21 per barrel at 0343 GMT, down 1.8 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at $68.40 a barrel, down 0.3 percent, supported more than Brent by a slight drop in US drilling activity.
Prices initially jumped after the deal was announced late last week as it was not seen boosting supply by as much as some had expected.
OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tighten the market and prop up prices.
Largely because of unplanned disruptions in places like Venezuela and Angola, the group’s output has been below the targeted cuts, which it now says will be reversed by supply rises especially from OPEC leader Saudi Arabia. Although analysts warn there is little space capacity for large-scale output increases.
“Several ministers suggested that (rises) would correspond to a 0.7 million bpd increase in production,” said US bank Goldman Sachs following the announcement of the agreement, although it added that were risks “that Iran production may be even lower than we assume” and that its output could fall further due to looming US sanctions.
Still, Britain’s Barclays bank said OPEC’s and Russia’s commitments would take “the market from a -0.2 million bpd deficit in H2 2018 to a 0.2 million bpd surplus.”
Energy consultancy Wood Mackenzie said the agreement “represents a compromise between responding to consumer pressure and the need for oil-producing countries to maintain oil prices and prevent harming their economies.”
In the United States, US energy companies last week cut one oil rig, the first reduction in 12 weeks, taking the total rig count to 862, Baker Hughes said on Friday.
That put the rig count on track for its smallest monthly gain since declining by two rigs in March with just three rigs added so far in June, although the overall level remains just one rig short of the March 2015 high from the previous week.