RIYADH, 23 October 2007 -- Arab National Bank (ANB) signed an agreement with Arabia Cooperative Insurance Company (ACIC) to act as financial adviser, underwriter and lead manager for the company's initial public offering from Oct. 27 to Nov. 3, 2007.
ACIC will float eight million (8,000,000) ordinary shares, representing 40 percent of its share capital in an IPO at an offer price SR10. Founding shareholders subscribed to a total 12,000,000 shares, representing the remaining 60 percent of the company's share capital. ANB will underwrite the whole offering.
© Arab News 2007
