Oct 27 2007 |
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Saudi Arabia: Trade Union Cooperative Insurance to Go Public
ALKHOBAR, 27 October 2007 -- Trade Union Cooperative Insurance Company , one of the several insurance companies recently licensed in the Kingdom, has announced that it is going public today. Subscriptions will be open for eight days, until Nov. 3. The total capital of the company is SR250 million and it is offering 42 percent of its shares to the public, which amounts to a total of 10.5 million shares. At SR10 per share, a total of SR105 million in value will be offered for subscription.Abbas A. Jalil, managing director and general manager of Trade Union Cooperative Insurance Company , expressed his gratitude and appreciation to the National Commercial Bank (NCB) , receiving banks, and BMG Financial Advisors for signing the agreements with the company. He also expressed his appreciation and gratitude to the Capital Market Authority for approving the IPO (initial public offering). He also added that the company's core vision is to always strive to earnestly deliver the highest levels in both the quality of the insurance products offered and the level of service to its customers in the Kingdom.
This is one of the 10 insurance companies to recently mandate BMG Financial Advisors . Basil Al-Ghalayini, CEO of BMG Financial Advisors , commented that BMG 's expertise is continuing to grow in the insurance industry as a result of these mandates, giving BMG one of the most extensive track records in the Saudi insurance market. BMG leverages this experience to provide unique analysis in its research reports on the insurance sector as well as on other sectors. BMG also publishes a daily market index providing investors with an additional indicator of how the market is performing. Other services provided include private and public placements, mergers and acquisitions. BMG is committed to enhancing the insurance sector by organizing forums aimed at educating the investor on the insurance market and promoting market ethics and rules. "We are pleased to work with Trade Union Cooperative Insurance Company , a well-established company that has succeeded in entrenching the Saudi market. We would like to thank them for choosing BMG to be their sole financial adviser and arranger of their IPO," Al-Ghalayini said.
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