Published — Sunday 12 May 2013
Last update 12 May 2013 4:42 am
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.