21 April 2009
The CEO of Al Rajhi Financial Services Co. (ARFS), Marcus Andrade, has announced the IPO latest subscription results for the Al Rajhi Co. for Cooperative Insurance ("ARCCI"). ARFS is the Lead Manager & Underwriter for the IPO. The IPO was launched on Saturday 18 April and in its first two days has resulted in SAR 90.53 million of subscriptions with the number of subscribers reaching 146,000. The offer has so far been oversubscribed by 151% of total shares.
The CEO of Al Rajhi Financial Services Co. (ARFS), Marcus Andrade, has announced the IPO latest subscription results for the Al Rajhi Co. for Cooperative Insurance ("ARCCI"). ARFS is the Lead Manager & Underwriter for the IPO. The IPO was launched on Saturday 18 April and in its first two days has resulted in SAR 90.53 million of subscriptions with the number of subscribers reaching 146,000. The offer has so far been oversubscribed by 151% of total shares.
Marcus Andrade stated that the success and swift execution of the ARCCI public offer was due to the fruitful cooperation between all parties involved in the offer. The percentage of subscriptions via electronic channels was 91% of the total Applications.
The CEO of BMG, the Financial Advisors for the IPO , Mr. Basil Bin Mohammed Khair AlGhalayini says the preliminary results of the ARCCI public offer show the confidence of investors in the Saudi stock market.
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© Press Release 2009
