Green Crescent plans $68m IPO
Abu Dhabi, June 19, 2008
Green Crescent Insurance Company (GCIC), one of the first private companies dedicated to health insurance in the region, has announced the launch of its initial public offering (IPO) on the Abu Dhabi Securities Exchange.
Green Crescent aims to raise a total of Dh250 million ($68 million) through its IPO. Founders subscribed for Dh112.5 million shares or 45 per cent of the offering. CAPM Investment is the appointed lead manager of GCIC’s IPO.
The public offering consists of Dh137.5 million shares at Dh1 per share plus issuance fee of 2.5 fils per share. GCIC’s IPO subscription offer period closes on June 23, 2008.
Dr Mohamad Saeed Al Badi, chairman of the GCIC Founders Committee, said, “Given the transformation taking place in the health insurance sector, the founders of GCIC have identified opportunities to penetrate the market by offering specialized health insurance products and services and superior service.”
"The first board of directors consists of some of the most eminent personalities and businessmen including Sheikh Saeed Bin Hamdan Al Nahyan, chairman, Dr Mohammad Saeed Al Badi Al Dhaheri, Mohamed Obaid Khalifa Jaber Al Murrer, Carl J. Sardegna and Dr Sami Ali Al Amri," Badi noted.
GCIC will offer products targeted at the enhanced market population. The policy portfolio will provide coverage in the local, regional, and global marketplace.
He said the GCIC will develop its own suite of products customized to meet the unique needs of clients first in the UAE and subsequently in the region.
"We also plan to introduce proven US and international health insurance best practices, processes and technologies to consistently provide the best solutions and services to our customers."
The company plans to launch its suite of products in the last quarter of 2008.
Carl Sardegna, chief executive officer of GCIC said: “We anticipate our business to be propelled by the region’s growing population, and most of all, by consumers who, having been exposed to private health insurance, will drive demand for sophisticated products that meet their needs, and by clients who recognize the importance of health insurance in attracting and retaining employees."
"Opportunities are abound for specialized health insurance players and we are confident in tapping the market with the right focus on people’s needs, innovative products and superior services at competitive rates," he added.
GCIC has also entered into a contractual agreement with NYSE-listed Aetna Insurance Company (Aetna), one of the largest health insurance providers in the world, to provide access to its US network. Aetna will also provide consulting services to GCIC.-Tradearabia News Service