Nov 25 2011

Alahli Takaful rights issue opens in Saudi Arabia

By John Foster

Saudi- based Alahli Takaful Companyannounced that it had mandated US law firm, King & Spalding as advisor toits SAR80m ($21.3m) rights issue and which opened for subscription yesterday.

King & Spalding joined Saudi financialadvisor Aldukheil Financial Group, which is leading the transaction, which isbeing underwritten by Al Rajhi Capital.

Alahli is a joint venture between SaudiArabia's largest bank, National Commercial Bank, German insurance firm FWUGroup, Hannover-based Vereinigte Hannoversche Versicherung and US-basedInternational Finance Corporation.

The Takaful firm was originally seeking arights issue of 150% in February of this year, this was pared back to 80% inMay and on Sunday at an EGM a 66.67% rights issue was approved by shareholders.Shares of the company have been publicly listed on the Saudi Arabian StockExchange since 2007.

Alahli had not responded to request forcomment by the time the newspaper had gone to press.

© The Islamic Globe 2011

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