Insurance companies set to launch Saudi IPOs

INSURANCE OFFERING: Four companies are to launch IPOs in Saudi Arabia in April after approval from the Capital Market Authority. (Getty Images)

Four insurance companies in Saudi Arabia are collectively to launch initial public offerings (IPOs) in a bid to raise a total of SR260 million ($69 million), it has been announced.

Saudi Arabia’s Capital Market Authority (CMA) has approved the IPOs of AXA for Cooperative Insurance, ACE Arabia Cooperative Insurance Company, Weqaya Takaful Insurance and Reinsurance and Al-Rajhi Company for Cooperative Insurance.

The offer price will be SR10 per share and the period will be from April 18-27, the CMA said in a statement published by Saudi Gazette on Friday.

AXA for Cooperative Insurance, with a capital of 200 million riyals, will offer 80 million shares to the public, which represent 40 per cent of the company shares.

ACE Arabia for Cooperative Insurance, with a capital of 100 million riyals, will offer 40 million shares, or 40 per cent of the company shares.

Weqaya Takaful Insurance, with a capital of SR200 million, will offer 80 million shares, which represent 40 percent of the company shares.

The CMA said that the fourth company, Al Rajhi Company for Cooperative Insurance with a capital of SR200 million, will offer 60 million shares or 30 percent of the company shares to the public.

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