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Saudi's Insurance Firm Jabal Omar to Launch IPO

Saudi developer Jabal Omar plans a 2.01 billion riyal ($536 million) initial public offering next month. Also, 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 Makkah, will offer 30 percent 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 Web site.

It is one of the largest listings planned for this year.

Sanad for Cooperative Insurance will offer 40 percent of its 200 million riyal capital, Gulf Union Cooperative Insurance Company will offer 40 percent 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 percent of their 100 million riyal capital.

Al Ahli Takaful will offer 26.45 percent of its 100 million capital. The subscriptions will be open from May 19 to May 28. -Reuters


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