Saudi Arabia's first-ever public flotation of bank shares via the Internet and a phone banking network will take place soon, officials said.
The management of a new Saudi bank, Bilad Bank, has decided to float 30 million shares via the Internet and through its phone banking network, effective February 21, officials said.
Each share will cost 50 riyals (Dh48.90). Bilad Bank will begin operations in mid-2005, after completion of the sale of half of its total capital of 3 billion riyals (Dh2.93 billion), officials said.
"Our offering of stocks via the Internet and our phone banking network marks an exciting first for the Saudi Arabian banking sector. Anyone who wants to participate in this historic offering by purchasing shares need not to go to a bank branch to take part," said Ezam Bin Abdullah Abal Khail, executive president of Bilad Bank.
Samba Financial Group has been given the task of supervising all the procedures with regard to the sale of shares, said Abal Khail. He hoped there would be high demand for the shares from the public, he said.
All possible precautionary measures have been taken to avoid any problems during the process of floating the shares, he said.
Gulf News
