JEDDAH: ARAB NEWS
Published — Sunday 28 April 2013
Last update 28 April 2013 4:24 am
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.