Dec 09 2006 |
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Saudi Arabia: Allocation of APC Shares Completed
JEDDAH, 9 December 2006 -- Allocation of shares has been completed after the successful initial public offering (IPO) of Advanced Polypropylene Company (APC) , according to Eissa Al-Eissa, the chief executive officer of Samba Financial Group, which managed the IPO. As many as 3.08 million Saudis subscribed to APC shares investing a total of SR1.67 billion, Al-Eissa said, adding that the IPO was oversubscribed by 252 percent."Share allocations were completed at a record time after the closure of subscription on Dec. 4," the Samba chief said, adding that excess amounts would be deposited in shareholders' accounts from today. He said the Capital Market Authority (CMA) has approved the share-allocation process. He praised the CMA and the Saudi Arabian Monetary Agency (SAMA) for their support to the IPO.
"The IPO was successful by all standards," Al-Eissa said, adding that all Saudi banks that took part in the subscription process worked as one team.
Khalifa ibn Abdullateef Al-Mulhim, chairman of APC, expressed his satisfaction at the success of the IPO. "APC has good prospects as the demand for polypropylene is growing worldwide. I am happy about Saudis' awareness about the company's future strength." Mulhim thanked Samba and other banks as well as Saudi subscribers to make the IPO a big success. He said company would start operation by the end of next year.Al-Eissa praised the Saudi subscribers for maximum use of electronic facilities to purchase APC shares. "The use of electronic means exceeded all expectations. This also reflected the strength and advanced capabilities of Saudi banks," he added.
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