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Japan's Tokio Marine plans Saudi listing

Dubai, February 27, 2012

Tokio Marine Middle East, an Islamic insurer, has gotten regulatory approval to list up to 30 percent of its shares on the Saudi stock exchange, according to a statement on Monday.

Saudi Arabia's Alinma bank, a major shareholder in Tokio Marine Saudi Arabia, said the Capital Markets Authority had given the go-ahead for the initial public offering of 6 million shares at 10 riyals per share.

Japan's Tokio Marine Holding and Alinma both own a 28.5-percent stake in the Saudi unit. Other smaller shareholders include Saudi Basic Industries.-Reuters




Tags: Saudi | Japan | Tokio Marine | IPO listing | Islamic insurer |

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