Nov 13 2006 |
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MedGulf Mandates BMG and SAIB Financial Advisor for its IPO
Riyadh - Monday, 13 November 2006: Lutfi Al Zein, Chairman and CEO of MedGulf, one of the 13 cooperative insurance companies licensed lately by the Saudi Council of Ministers, has announced that the company has mandated BMG Financial Advisors and Saudi Arabian Investment Bank (SAIB) as financial advisors, arrangers and underwriters for the IPO process."Over the years we have endeavored to accord quality service to our customers. Our intention to float is another step is increasing our stake holder base be it clients or investors. The seamless service that has become synonymous with MedGulf 's services will mark our transition to a listed company," commented Mr. Al Zain.
Being one of the leading insurers and largest by capital and premium income in the Arab world, MedGulf operates a comprehensive portfolio of insurance products including motor vehicle, property and fire, marine, engineering, aviation, and energy insurance as well as health and life insurance. The company has been in the business for over 25 years.
For his part, Saud El Saleh, Managing Director of SAIB emphasized the importance of the smooth transformation of
MedGulf
to a public entity in accordance with SAMA's regulations. Both BMG and SAIB are working closely to achieve this in a timely fashion.
For more information, contact Buchanan Middle East:
Amjed Shacker
T: +966 1 218 0500, ext. 3771
M: +966 5 0544 2066
e-mail: amjed.shacker@buchananME.com
Mohamed Ghaozeil
T: +966 1 218 0500, ext. 3770
M:+966 5 0783 4090
e-mail: mohamed.ghozeil@buchananME.com
© Press Release 2006
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