DAMMAM, 25 October 2007 — Al-Saqr Company for Cooperative Insurance will launch an eight-day public offer starting on Oct. 27, 2007, the company said in a statement yesterday.
Al-Saqr will float 42 percent of its SR200 million total capital, which corresponds to 8.4 million shares out of the 20 million total shares that will be issued.
Sheikh Abdul Rahman Al-Turki, chairman of Al-Saqr, said the company is a well-known established company operating in the Kingdom since 1983. Based on its history of providing insurance services, the constant improvements to its operations and profit growth, he believes that it has a bright future.
BMG to be its financial advisor for the listing. Basil Al-Ghalayini, CEO of BMG Financial Advisors, said he has no doubts that Al-Saqr’s IPO will be successful just like all other insurance companies before it.
Walid Ayoub, general manager of Al-Saqr, said “even though the company’s capital is SR200 million on paper, the company possesses implicit value that cant be quantified, which is human capital, our employees have put in a lot of time and energy to prepare the company for a new challenge that I am sure they will overcome.”
Riyad Bank will act as lead manager and arranger of Al-Saqr’s upcoming IPO. Majid Al-Guwaiz, SVP, head of multinational corporate banking at Riyad Bank, said the bank has taken all the necessary steps to prepare for the flotation next week.
Clients can subscribe through all the available channels, ATMs, telebanking, Internet banking, and through the receiving banks, which are Riyad Bank, SABB and Saudi Hollandi Bank.
