Monday, Oct 09, 2006
BEIRUT (Zawya Dow Jones)--Dubai-based Arab Orient Insurance Co. said Monday that its parent company Al Futtaim Group has set up a new insurance firm in Syria with a capital of $17 million.
Al Futtaim Group and AOIC jointly own a 65% stake in the new firm Arab Orient Insurance Company-Syria, Arab Orient's managing director Omar El Amin told Zawya Dow Jones.
"A total of 40% of shares are directly owned by AOIC, while the remaining 25% were acquired by Al Futtaim's individual shareholders during an initial public offering for AOIC-Syria in July and August," Amin said.
Damascus-based Nahas Enterprises Group and its individual shareholders bought 25% of the new insurance firm and the remaining 10% went to Syrian investors, including Wahib Merhi, the chairman of the Tartous Chamber of Commerce & Industry.
AOIC-Syria launched an IPO for 51% of its shares in July in Damascus. The offer period was extended to August because of the war in Lebanon.
"We wanted to allow the biggest possible number of investors to apply for shares," said Amin, who is also a board member at AOIC-Syria.
He said the offering was oversubscribed by 102%.
AOIC-Syria is one of ten new insurance companies which were recently licensed by the Syrian government.
-By Ayat Basma, Zawya Dow Jones, +961 1 985757, ayatb@zawya.com
(END) Dow Jones Newswires
10-09-06 0807ET
Copyright Zawya Dow Jones Newswires 2006
