Saudi Enaya Cooperative Insurance has selected Saudi Hollandi Capital (SHC) as financial consultant and manager of its initial public offering scheduled for Dec. 19-25 when the company will float 16 million shares or 40 percent of its total shares to the public at the rate of SR10, a press statement said.
An agreement to this effect was signed by Taher Al-Dabbagh, CEO of SHC, with Khaled Al-Juffali, chairman of the insurance company.
Saudi Enaya's IPO comes in line with the company's efforts to expand the base of its shareholders and strengthen its position in the Kingdom's growing insurance market.
The deal came after the Saudi Capital Market Authority approved Saudi Enaya's plan to offer 16 million shares to the public.
Al-Dabbagh thanked Enaya for selecting SHC for the management of its IPO, adding that the IPO would become a turning point in the company's history and progress.
He highlighted SHC's expertise in IPO management. "We'll mobilize all our material, human and technical resources for the success of Enaya's IPO," he added.
In his statement, Al-Juffali described the Saudi insurance market as a promising and attractive one due to the presence of a lot of opportunities.
He said the company plans to expand its services in the market by offering innovative products.
© Arab News 2011
