JEDDAH, 9 March 2008 — Inma Bank, which plans to raise SR10.5 billion ($2.8 billion) in April, yesterday launched its slogan at a ceremony in Riyadh attended by leading businessmen and company executives in addition to media persons. The bank said its banking services would comply with Shariah regulations. “We have the assistance of an international company to establish the bank’s identity,” an official statement said.
Inma, with a capital of SR15 billion, will sell shares representing a 70 percent stake from April 7. The bank’s initial public offering (IPO) is expected to attract a large number of Saudi investors and will be sold at a nominal rate of SR10 without any premium.
Meanwhile, after falling 2.98 percent last week, the Saudi stock market continued to decline yesterday as investors awaited first quarter earnings reports of listed companies. The Tadawul All-Share Index (TASI) dropped 66.20 points to close at 9,918.39.
In the banking sector, shares in Banque Saudi Fransi fell by 3.66 percent to SR85.50, Samba Financial Group by 3.27 percent to SR96 and SABB by 1.95 percent to SR150.50. Shares in Riyad Bank, Saudi Hollandi Bank and Arab National Bank increased by 1.98 percent, 0.92 percent and 0.75 percent respectively.
The insurance index was down by 1.25 percent to 2,012.43 points yesterday as out of 18 companies traded, shares in four companies increased while all other were in negative territory.
The gainers in the insurance sector were Saudi Fransi Cooperative Insurance Co., SABB Takaful, Saudi Indian Company for Cooperative Insurance and Allied Cooperative Insurance Group.
Over SR6 billion worth of shares changed hands yesterday as shares of 29 companies surged while 64 companies were in the red.