JEDDAH, 22 April 2008 — Alinma Bank announced yesterday that it would allocate 143 shares to those subscribers who requested 150 shares and more during the bank’s initial public offering (IPO), which was successfully concluded last week.
In a joint statement with Samba Capital, which managed the IPO, Alinma also said that investors who had paid for 50 or 100 shares would get their full shares.
The IPO, which was 174 percent oversubscribed, saw 8.85 million Saudis investing SR18.27 billion. Subscribers will get their surplus today through banks that received their applications.
The Alinma IPO was the third largest in the Kingdom after the public offerings of Emaar, the Economic City and Yanbu National Petrochemical Co. (YANSAB).
Over 10 million subscribers invested in Emaar IPO in July 2006 and 8.9 million subscribers invested in YANSAB IPO in December 2005.
Meanwhile, the Saudi stock market made hefty gains yesterday. The Tadawul All-Share Index (TASI) closed 117.18 points higher at 9,638.79.
The stock market turnover was also strong at SR13.28 billion yesterday as prices of 82 companies increased, while 20 firms were in negative territory.
Alabdullatif Induustrial Investment Co. shares jumped 5.85 percent to close at SR58.75. The extraordinary general assembly of Alabdullatif shareholders approved on Saturday the capital increase through bonus shares.
The Saudi Stock Exchange announced on Sunday that the bonus shares of Bank AlJazira have been deposited into applicable investor’s portfolios on Saturday by granting one share for every three shares owned by the shareholders registered in the shareholders record by the end of April 16, 2008. Bank AlJazira shares increased slightly yesterday to close at SR39.29.