Al Alamiya appoints advisors for IPO
Riyadh, September 29, 2009
Al Alamiya Cooperative Insurance Company, a Saudi joint stock company under formation, has appointed advisors for its forthcoming initial public offering.
The company has named Riyad Capital as its lead manager and sole underwriter and Morgan Stanley Saudi Arabia as financial advisor for the issue.
“Our appointment of both Morgan Stanley and Riyad Capital is a testament to Al Alamiya’s track record of working with leaders in their field, and represents our ongoing commitment to the kingdom,” stated Mark Cooper, proposed managing director of Al Alamiya.
In June 2009, Al Alamiya was granted approval by the Capital Markets Authority (CMA) for the IPO to take place from October 3 to 9.
Al Alamiya will launch its IPO by floating 30 per cent of its equity capital on the Saudi Arabian Stock Exchange, the Tadawul. Six million shares will be floated and priced at SR10 per share.
Al Alamiya, which is part of one of the world’s leading insurance groups, RSA, has been operating in the kingdom since 1978.-TradeArabia News Service