Walaa Insurance IPO Set to Begin

DAMMAM, 16 March 2007 — The Saudi United Insurance Company (Walaa Insurance), will start its IPO of 8 million shares tomorrow and close on 26th of this month. While Banque Saudi Fransi is its lead manager, Riyad Bank and Al-Rajhi Bank will be the underwriters. The IPO shares will be available at all the branches of these banks. The IPO occurs when the insurance sector in the Kingdom is set to make a major leap as a result of the rapid economic progress achieved by the country and the encouraging economic policies adopted by the government. The present IPO involves 40 percent of the total shares of 20 million at the rate of SR10 per share with a total capitalization of SR200 million.