Aug 11 2009 |
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Receiving banks set for SABB Takaful's Rights Issue
Following approval from the Capital Market Authority (CMA) on 28 June 2009 to increase SABB Takaful Company's capital through a rights issue (with a total value of SAR 300,000,000), approval from the shareholders was obtained during the Company's Extraordinary General Meeting (EGM) held 8 August 2009.The rights issue price is SAR 12.50 per share, and the number of rights issue shares is 24 million shares. Shares not subscribed for, if any, will be available for eligible shareholders who subscribe for their rights in full. The prices of the additional shares subscribed for is SAR 12.50, SAR 19, SAR 26, and SAR 33.
The rights issue offering period will commence on Saturday 15 August 2009 and will remain open for a period of 10 working days up to and including Wednesday 26 August 2009.
The receiving banks are The Saudi British Bank (SABB), Al Rajhi Bank , The National Commercial Bank , Bank Al Jazira , and Samba Financial Group .
Mr. Mohammed Abdulaziz Aldukheil, Executive Vice President of AFG said, "We have finalized all procedures with the receiving banks who are ready to receive subscriptions. The AFG rights issue system is ready to ensure a smooth and healthy subscription process for subscribers around the Kingdom."
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa).
-Ends-
SABB Takaful
Company - www.sabbtakaful.com
SABB Takaful
is a leading provider of Islamic insurance products in Saudi Arabia. It began trading in July 2007 and was the first Takaful company in the Kingdom to be listed on the Tadawul, the Saudi stock exchange, and the first in the HSBC Group to be publicly quoted.
SABB Takaful offers a comprehensive range of Takaful plans to meet individual and corporate customers' protection needs in the Kingdom including Shariah-compliant protection and savings schemes for individuals and families as well as property and marine plans for commercial customers.
Capitalised at SAR 100-million, SABB Takaful is 32.5% owned by SABB, one of Saudi Arabia's largest financial services groups, and 32.5% by subsidiaries of the HSBC Group, with the balance owned by the public through an Initial Public Offering.
© Press Release 2009
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