Oct 26 2007 |
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Arab National Bank to act as financial advisor for Arabia Insurance Cooperative Company
Arab National Bank (ANB) signed an agreement with Arabia Insurance Cooperative Company (AICC) to act as financial advisor, underwriter and lead manager for the company's initial public offering from Oct. 27 to Nov. 3, 2007. ANB has finalized all necessary arrangements with the two receiving banks -- National Commercial Bank and Al-Jazira Bank. ANB will provide subscribers with a "straight through processing service," which will enable customers to subscribe using ANB 's branches and alternative channels including Al-Arabi ATMs, Hatif Al-Arabi and alarabi e-bank. AICC will float eight million ordinary shares, representing 40 percent of its share capital.Dr. Robert Eid, ANB managing director and CEO, said "the agreement reflects ANB 's new strategy in providing advisory, corporate finance, arranging, underwriting, lead managing and financial brokerage services to corporations and businesses sector in the Middle East." He further said that " ANB is ready to receive subscribers in all regions throughout the Kingdom and will provide them with smooth and efficient subscription service." Eid said that in AICC public offer, "subscribers will be able to invest in a strong and growing company" that thrives "in a promising and prosperous sector." The AICC offer price is SR10 per share. Founding shareholders hold the 60 percent of the remaining capital at 12,000,000 shares.
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