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SABB Takaful's IPO Approved

The Saudi Arabian Capital Market Authority (CMA) has approved SABB Takaful’s Initial Public Offering (IPO). SABB Takaful is raising SR35 million through the public share offering, which is scheduled to commence on March 17, 2007.

HSBC Saudi Arabia Limited is the financial advisor to SABB Takaful and SABB will act as the subscription manager. Subscriptions can be made through branches of SABB, Riyad Bank and Arab National Bank. The IPO subscription will open for public from March 17 till March 26 March 2007. The initial offer price per share will be SR10, with a minimum of 50 shares and a maximum of 100,000 per subscriber.

In addition to the 35 per cent public offering, the HSBC Group and SABB will each own 32.5 per cent of SABB Takaful Company.

SABB Takaful Company will offer a comprehensive range of Shariah-compliant Takaful products for both personal and corporate customers. These will include savings and protection products to meet individual needs for financial planning and business solutions for business risks.

Dr Abdulrahman A Al-Jafary, chairman of SABB Takaful Constituents Committee, said: “This is an important development for the Kingdom’s financial services industry as SABB Takaful will be one of the first Islamic Takaful companies. The joint investment by HSBC Group and SABB underlines their confidence in the insurance market operating under the Islamic principles.

”We expect the demand for the IPO to be healthy given the deep experience of the company’s founders”, he added.

Subscription will be available through electronic channels such as ATMs, Internet and telephone banking in addition to the branches of SABB, Riyad Bank and Arab National Bank.-(TradeArabia News Service)

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