Aug 15 2009 |
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SABB Takaful Rights Issue Starts First rights issue for an insurance company held in the Kingdom
Riyadh, Saudi Arabia, 15 August 2009: SABB Takaful announces its rights issue started Saturday, 15 August 2009.A number of 24 million new shares are offered through this rights issue representing a 240% increase in SABB Takaful 's shares to 34 million. Shares are being offered at SAR 12.5 per share. The rights issue offering period will continue for ten working days including Wednesday 26 August 2009.
Dr Yazid AbdulRahman Al Ohaly, Chairman of SABB Takaful said: "This is the first rights issue held in the Kingdom for an insurance company and the proceeds will be used to finance the future plans of the company. We are pleased to announce the start of the subscription period."
The offering is open to all SABB Takaful registered shareholders as of the close of trading on 8 August 2009. 12 shares is allocated for every 5 shares held by shareholders on the eligibility date.
Receiving banks for the rights issue are The Saudi British Bank (SABB), Al Rajhi Bank , The National Commercial Bank (NCB or otherwise known as Al Ahli Bank), Bank Al Jazira , and Samba Bank.
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), Financial Advisor and Lead Manager.
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About
SABB Takaful
Company
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. www.sabbtakaful.com
© Press Release 2009
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