News
IPO On The Cards For Saudi Insurer
| March 10, 2010 by Rob Morris
Speculation mounts that Saudi insurance company is planning IPO.
Solidarity Saudi Takaful Company is gearing up for an initial public offering that will see the company issue 22.2 million shares, according to reports citing chairman Prince Khalid Talal bin Abdulaziz Al Saud.
The IPO, which is open to subscription from March 22-28, will provide 40% of the company’s authorised capital. Bahrain’s Solidarity Group and Saudi investors that make up the Solidarity Saudi Takaful Company.
Following the IPO, the company is expected to provide various Shariah-compliant products, covering motor, property, fire, engineering, marine, health and group insurance.
