Oct 08 2007 |
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Saudi insurers to raise $72m
RIYADH: Three Saudi insurance firms will launch initial public offerings later this month to raise a total of 269 million riyals ($71.7 million), the bourse watchdog said. Trade Union Insurance Co and Al Sagr Company for Cooperative Insurance will offer a 42 percent stake each, the Capital Market Authority (CMA) said in a statement on the bourse website.Trade Union will sell 10.5 million shares and Al Sagr will sell 8.4 million shares. Arabia Insurance Cooperative Co will offer a 40 percent stake, or 8 million shares, CMA added. Shares in the IPOs, which will open on Oct 27 and close on Nov 3, have all been priced at 10 riyals each.
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