Nov 14 2006 |
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Saudi Arabia: MedGulf Mandates BMG, SAIB for IPO
JEDDAH, 14 November 2006 -- MedGulf Chairman and CEO Lutfi Al-Zein has announced in Riyadh on Sunday that the company has mandated BMG Financial Advisors and The Saudi Investment Bank ( SAIB ) as financial advisers, arrangers and underwriters for its Initial public offering (IPO) process."Over the years we have endeavored to accord quality service to our customers. Our intention to float is another step in increasing our stake holder base whether clients or investors. The seamless service that has become synonymous with MedGulf 's services will mark our transition to a listed company," Al-Zain said.
Being one of the leading insurers and largest by capital and premium income in the Arab world, MedGulf , one of the 13 cooperative insurance companies licensed recently by the Saudi Council of Ministers, 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.
BMG has worked on a number of insurance-related projects and has been active in raising investor awareness by producing research reports, organizing forums and developing a market index that gives an additional perspective to market behavior.
Saud El Saleh, managing director of SAIB , emphasized the importance of the smooth transformation of MedGulf to a public entity in accordance with Saudi Arabian Monetary Agency's (SAMA's) regulations. Both BMG and SAIB are working closely to achieve this.
By Khalil Hanware
© Arab News 2006
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