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Thu 10 May 2007 02:32 PM

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Saudi IPO details disclosed

Developer Jabal Omar plans a $536m offering in June; insurance company IPOs open on May 19th.

Saudi developer Jabal Omar plans a 2.01 billion riyal ($536 million) initial public offering next month and seven insurance companies will offer a total

354.45 million riyals from May 19, the regulator said.

Jebel Omar, which is building hotels and shopping malls in the holy city of Mecca, will offer 30% of its 6.714 billion riyal capital in its June 9-18 IPO, the Capital Markets Authority said in a statement posted on the bourse website late on Wednesday. It is one of the largest listings planned for this year.

Sanad for Cooperative Insurance will offer 40% of its 200 million riyal capital, Gulf Union Cooperative Insurance Company will offer 40% of its 220 million capital, and Saudi Arabian Cooperative Insurance, Saudi Indian Insurance, Al-Ahlia Insurance and Allied Cooperative Insurance Group will each offer 40% of their 100 million riyal capital.

Al Ahli Takaful will offer 26.45% of its 100 million capital.

The subscriptions will be open from May 19 to May 28.

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