Feb 27 2006 |
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KSA's SAMA completes study on 22 companies
JEDDAH -- The Saudi Arabian Monetary Agency (SAMA) has completed studies on 22 insurance companies and presented their files to the Ministry of Commerce and Industry to complete licensing procedures.The Council of Ministers is likely to license these firms within a few weeks. Following this, the joint stock firms would float 30 per cent of their shares for public subscription.
"We have completed studies on 22 of 30 companies, which intend to enter the Kingdom's insurance market," Muhammad Al Jasser, deputy governor of SAMA, told an insurance conference here last week.
He added that the ministry had transferred the files of companies to the Cabinet for approval.
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