SR 449.217 mn injected into Al Alamiya by 851,103 subscribers
Riyadh, Saudi Arabia - 12 October, 2009: Riyad Capital, Lead Manager and Sole Underwriter for the Initial Public Offering (IPO) of Al Alamiya Cooperative Insurance Company (under formation), has announced the outcome of the company's IPO held from Saturday 3rd October 2009 to Friday 9th October 2009.
Riyad Capital announced that at the completion of the IPO, the offering was 748% subscribed. Some 166,887 applications for shares were made by 851,103 subscribers, injecting SAR 449,217,000.
Allotment and refunds will be effected no later than 14 October 2009 through the receiving banks.
Allocated Shares | Number of subscribers |
7 | 1 |
14 | 2 |
21 | 3 |
28 | 4 |
35 | 5 |
42 | 6 |
49 | 7 |
57 | 8 |
64 | 9 |
71 | 10 |
78 | 11 |
85 | 12 |
92 | 13 |
99 | 14 |
107 | 15 |
114 | 16 |
121 | 17 |
128 | 18 |
136 | 19 |
143 | 20 |
151 | 21 |
158 | 22 |
166 | 23 |
173 | 24 |
180 | 25 |
187 | 26 |
195 | 27 |
202 | 28 |
210 | 29 |
217 | 30 |
224 | 31 |
231 | 32 |
239 | 33 |
246 | 34 |
253 | 35 |
Electronic methods of subscription were heavily favoured during the IPO, with approximately 84% of applications being received through ATMs, the internet and telephone banking.
Riyad Capital thanked financial advisors, Morgan Stanley, and receiving banks, Saudi Fransi, SABB, Riyad Bank for their role in ensuring a smooth and successful IPO.
- Ends -
About RSA
RSA is one of the world's leading insurance groups, with the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Asia, Middle East and Latin America. Focusing on general insurance, it has around 22,000 employees worldwide.
In Kingdom of Saudi Arabia, Al Alamiya is equipped with a portfolio of strong commercial and personal lines products.
The company brings together as its shareholders the Royal & SunAlliance Insurance Middle East Ltd., three prominent Saudi families and one of the Kingdom's leading banks - Riyad Bank. As an established insurance company in the kingdom, our major strength over the years has been our reputation for quality, integrity and professionalism. Many of our high profile Saudi customers have been with Al Alamiya since its inception in 1978 and the business has established itself as a good role model of international expertise and local shareholder strength.
In Asia & Middle East, RSA has its regional headquarters in Dubai with operations in 8 countries - China, India, Hong Kong, Singapore, UAE, Oman, Saudi Arabia and Bahrain. In 2006, 2007 and in 2008, RSA was awarded the 'Middle East General Insurer of the Year' title by POLI
For further information please contact:
Vidya Veerapandian, Marketing and Communications Manager KSA & Bahrain
RSA Group
Tel: +973 17568367
Eail: vidya.v@bh.rsagroup.com
© Press Release 2009
