Apr 29 2011 |
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AlBilad Investment signed IPO management and underwriting agreement with Saudi Integrated Telecom Company (SITC)
Riyadh - KSA, April 29, 2011: AlBilad Investment Company signed an agreement with Saudi Integrated Telecom Company SITC whereby AlBilad Company acts as the IPO manager and the main underwriter for SITC 's IPO. Saudi Integrated Telecom Company ( SITC ) is about to offer 35,000,000 shares which worth 350,000,000 million SAR, and a total number of (5,000,000) shares will be allocated to the General Organization for Social Insurance (GOSI).
Mr. Mohammad Al-Sanusi - SITC Board Member, Mr. Fahad Al Enezy, Delegated CEO of AlBilad Investment Company and Mr. Thamer AlSaadoun, Riyadh Investment Company representative signed the agreement in the presence of Mr. Khalid Bin Sulaiman AlJasser AlBilad Bank CEO and Mr. Hassan Azzee, official representative and secretary of SITC 's Board of Directors.
The agreement had been signed following the Capital Market Authority approval of the Initial Public Offering of Saudi Integrated Telecom Company ( SITC ) in 6/5/1432 H - 12/4/2011 G. SITC will offer 35,000,000 shares representing (35%) of its share capital. The offer price will be (SAR 10) per share, and the subscription period will last for 7 days starting on 28/5/1432H (2/5/2011G) until 5/6/1432H (8/5/2011G).
Al Enezy expressed his appreciation for SITC representatives for their confidence in AlBilad Investment Company to play the important role of being their IPO Financial Advisor, IPO lead manager and main underwriter. He reaffirmed that such an appreciated confidence comes from AlBilad Investment's successful experiences in similar recent investment operations.
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Firas Barakat
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© Press Release 2011
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