Aljazira Takaful Ta’awuni sets stage for IPO


Published — Sunday 12 May 2013

Last update 12 May 2013 4:42 am

| نسخة PDF Print News | A A

Aljazira Takaful Ta`awuni has entered into a new agreement with both Aljazira Capital and Albilad Investment.
Aljazira Capital becomes the underwriting manager for the company’s IPO under this deal signed in Jeddah. It also paves the way for Albilad Investment Company to become the underwriter.
A press release said 10,500,000 shares, representing 30 percent of the company’s capital, will be on offer. After the completion of the IPO, this will amount to SR 350 million divided into 35 million ordinary shares with a nominal value of SR 10 per share.
The IPO will begin on Monday and continues for a period of seven days. It ends on Sunday May 19.
Saqr Nadershah, CEO and MD of “Aljazira Takaful Ta`awuni” said the share sale is an important step in the company’s march to achieve a leading position in the field.
Ziad Aba Al-Khail, CEO and MD of Aljazira Capital, said that Aljazira Capital will seek to harness all of its expertise and rich experiences to enure the success of this IPO.
It will be managed according to the highest professional standards.
He stressed that Aljazira Capital’s confidence in the Saudi market in general and in the insurance sector in particular, a fact that encouraged it to enter as a founding partner in Aljazira Takaful Ta`awuni.
Ziad Aba Al-Khail also confirmed that the company has completed all preparations with financial entities receiving subscription requests. They include Bank Aljazira, Al-Rajhi Bank, Bank Albilad, Riyadh Bank and Saudi Hollandi Bank (SHB).
Also, the plans and procedures necessary to accommodate the number of subscribers, either through branches of receiving entities covering all parts of the Kingdom or through electronic channels facilitating the subscription process have been finished.
Aljazira Takaful Ta`awuni is one of the promising companies in the insurance sector in Saudi Arabia.
As a subsidiary of Bank Aljazira, Aljazira Takaful Ta`awuni has managed to gain client’s confidence and has built and retained a strong and large base of corporate and individual clients.

What's happening around Saudi Arabia

JEDDAH: Jeddah police have closed all entry points into Makkah to prevent undocumented pilgrims from entering the holy city during this year’s Haj, in a bid to prevent overcrowding that could lead to health and safety problems.Officials have taken ac...
JEDDAH: The Bureau of Investigation and Public Prosecution recently charged three young men in the harassment case at the Jeddah corniche. A number of young men were arrested for harassing two Saudi girls at the corniche a day after Eid Al-Fitr.A vi...
JEDDAH: A total of 232 people injured in Sunday’s Aramco compound fire in Alkhobar have been discharged from hospitals here, the Eastern Province Health Department announced on Tuesday.Fifty-seven are still receiving treatment at four hospitals, with...
RIYADH: The Directorate of Education in Riyadh is keeping a close watch on schools, such as sanctioning health material and monitoring the health of staff and students, to prevent the spread of the MERS coronavirus among students. As a step in this...
RIYADH: The Ministry of Municipal and Rural Affairs has announced new legislation for the Dec. 12 elections, including fines and imprisonment for failure to disclose candidate financing, obstructing procedures or officials, and fraudulent activity.Vi...
JEDDAH: The low turnout of Saudis registering for the municipal elections is likely caused by the poor performance of previous councils, lack of a voting culture, inadequate understanding of the duties of councils, and the timing of the elections wit...

Stay Connected