Feb 03 2007 |
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Saudi Arabia: Al Malaz to launch IPO
JEDDAH -- Al Malaz Insurance Company is to launch its initial public offering (IPO) tomorrow thus becoming the first of the 13 insurance companies recently licensed by the ministerial council to launch IPO.Other insurance companies are also expected to float 40 per cent of their shares with a view to boosting liquidity into the market.
According to Mubarak Al-Khafra, the company's chairman, Al Malaz will offer for subscription 30 million shares, or 48 per cent of the company's total capital amounting to SR300 million.
Besides the 13 insurance companies already licensed by the authorities, 18 more are still waiting for approval. Sources in the insurance market said that with many hospitals and polyclinics being established in the Kingdom, the health insurance sector is poised for a big leap forward. It is estimated that the market will be worth SR20 billion to SR30 billion within 10 years. "That's why so many insurance companies want to get into Saudi Arabia," said Basil M. Al-Ghalayini, BMG Financial Advisers' Chief Executive Officer.
Moreover, all the insurance products are Shariah-compliant, extending their reach into a large segment of the society.
BY HABIB SHAIKH
© Khaleej Times 2007
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