JEDDAH, 27 May 2008 — The Ministry of Commerce and Industry yesterday announced the establishment of Alinma Bank as a public joint stock company with a capital of SR15 billion divided into 1.5 billion shares. The bank’s promoters have subscribed to 450 million shares while the remaining 1.050 billion shares were sold to Saudis in an initial public offering.
The Riyadh-based company will specialize in banking and investment. It will also deal with stocks and bonds, establish and manage warehouses, provide consultancy services and manage investment units and funds. The company should obtain the permission of the Capital Market Authority for exchange of its shares on the Saudi bourse.