23 October 2007
RIYADH - Arab National Bank has signed an agreement with Arabia Cooperative Insurance Company to act as financial advisor, underwriter and lead manager for the company's initial public offering (IPO) which will start on 16/10/1428 H (27/10/2007 G) thru 23/10/1428 H (03/11/2007 G).
RIYADH - Arab National Bank has signed an agreement with Arabia Cooperative Insurance Company to act as financial advisor, underwriter and lead manager for the company's initial public offering (IPO) which will start on 16/10/1428 H (27/10/2007 G) thru 23/10/1428 H (03/11/2007 G).
Arabia Cooperative Insurance will float eight million ordinary shares representing 40 percent of its share capital in an IPO to the Saudi public at an offer price of SR 10.
Founding shareholders subscribed to a total of twelve million shares representing the remaining 60 percent of the Company's share capital. Arab National Bank will underwrite the whole offering.
© The Saudi Gazette 2007
