On Saturday, four insurance firms of Saudi Arab start on initial public offerings (IPO) to lift a whole of 260 million riyals or $69.3 million.

The firms are AXA for Cooperative Insurance, Weqaya Takaful Insurance and Reinsurance, ACE Arabia Cooperative Insurance Company and Al-Rajhi Company for Cooperative Insurance. The share will be launched jointly by the four firms. The suggest cost will be 10 Saudi riyals per share and in a press statement the CMA said duration of launch will be from April 18 to April 27.

Wiqaya Takaful Insurance Company and Re-insurance and AXA Cooperative Insurance Company will present 8 million shares or 40 percent stake each, and the amount of share of Ace Arabia Cooperative Insurance Company will 4 million shares which is equal to 40 percent stake. Others, the amount of offers by Al Rajhi Company for Cooperative will 6 million shares or 30 percent.

In the global economic downturn it is great news for the capitalist of Saudi Arab that some of insurance firms are coming towards to launch their share while quite a few Saudi companies have had to suspend plans to sell their shares to the public.

Be Sociable, Share!

• 

Related posts:

1. STC Plans Health Insurance for Employees & Families
2. Ping’s Profit Drop