Apr 25 2007 |
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Saudi Arabia: TUCIS Names BMG as Lead Arranger for IPO
RIYADH, 25 April 2007 -- Trade Union Cooperative Insurance Company (TUCIS) has mandated BMG Financial Advisors to act as a lead arranger and financial advisor for its 42 percent share offering to the public. The company has been granted a license to operate in cooperative insurance.Abbas Abduljalil, managing director of TUCIS , said the IPO is equivalent to 42 percent of SR250 million total capital or SR105 million translated to 10,500,000 shares without any premium." He added that his company, registered in Bahrain with a capital of $27 million, enjoyed 24 years of success as an insurance company operating in the Kingdom.
Sulaiman Al-Saleh, vice chairman of TUCIS , described the insurance industry in the Kingdom as important to Saudi economy, and its volume will reach more than 15 billion in the next five years especially after health insurance has become mandatory in addition to the compulsory liability auto insurance. Since the concept of insurance in the Kingdom is new to its people, the company will arrange awareness campaigns throughout the Kingdom with the help of other insurance companies here.
BMG has played the role of financial advisor and IPO arranger for six insurance companies, MEDGULF, Al-Ahliah insurance, Allied Cooperative Insurance Group (ACIG) , and Saudi Arabian Insurance Company and extends its services to many other sectors such as, medical services, tourism, real estate, mining, and Islamic finance.
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By Mohammed Rasooldeen
© Arab News 2007
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