JEDDAH, 23 October 2007 — Al-Bilad Investment Company is fully prepared to offer Shariah-compliant consultancy services in Islamic financing. The company is the first in the Kingdom to launch a range of financial services and products aside from Islamic sukuk, according to a statement yesterday. Abdul Rahman Al-Eisa, executive president of the company, said “the basic goal of the company’s establishment is to offer pioneering services to the Saudi banking industry with consultancy and investment services in line with the Islamic law. The company is also prompted by the overwhelming demand from customers for Shariah-friendly investment services and also participate in financing various major projects in the Kingdom and Gulf.”
ACIC to Float 40% of Shares
RIYADH, 23 October 2007 — Arab National Bank (ANB) signed an agreement with Arabia Cooperative Insurance Company (ACIC) to act as financial adviser, underwriter and lead manager for the company’s initial public offering from Oct. 27 to Nov. 3, 2007. ACIC will float eight million (8,000,000) ordinary shares, representing 40 percent of its share capital in an IPO at an offer price SR10. Founding shareholders subscribed to a total 12,000,000 shares, representing the remaining 60 percent of the company’s share capital. ANB will underwrite the whole offering.
