Mar 18 2012
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Saudi MarineTokio Insurance set to launch IPO
The Chief Executive Officer of Al-Inma Bank and Chairman of the company's Founding Committee , Abdulmohsen Al-Faris pointed out in a press conference that the Council of Ministers has approved the new company as a Saudi joint stock company under establishment, with a capital divided into 20 million shares and with a nominal value of SR10 per share. The founders have subscribed to 70 percent of the capital, added.
The main objectives of the company are as follows:
- To create pool funds that will support, stabilize and improve the economic or financial status of individual and corporate participants and thus allow them to enjoy the comfort of being a member of a larger virtual family.
- To contribute to sound development of national insurance industry by means of promoting co-operative insurance business and in general creating further education & employment opportunities for young and dynamic Saudi people.
The company caters to all major lines of direct cooperative insurance products. Its expertise relies on usual coverage as per any standard policy or depending upon the needs and requirements in a shape of a tailor-made special type of policy suiting the desired coverage.
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