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5 Saudi firms to go public before end of May

Riyadh, March 1, 2010

Three Saudi insurance companies, a property developer and an appliance manufacturer will sell shares to the public before the end of May, the bourse regulator said.

Saudi property developer Knowledge Economic City plans to raise SR1.02 billion ($272 million) from its initial public offering, the Capital Market Authority said in a statement.

It will offer 102 million shares at SR10 each in the May 24-30 period IPO, it added.

CMA also approved IPOs for 30 per cent of the capital of three Saudi insurance companies over the March 22-28 period.

Solidarity Saudi Takaful insurance firm, affiliated to Bahrain-based lender Ithmaar, plans to raise SR222 million by selling 22.2 million shares for SR10 each.

Amana Cooperative Insurance company plans to raise SR128 million by selling 12.8 million shares at SR10 each, the statement said.

Al-Wataniya Cooperative Insurance Company plans to raise 30 million riyals by selling 3 million shares for SR10 each.

Al Hassan Ghazi Ibrahim Shaker Co (HGISC) will offer 10.5 million shares over the April 26-May 2 period, CMA said. A book-building process will determine pricisng for HGISC's IPO, it added.

According to its website, HGISC makes and maintains air conditioners and home appliances.

Several Saudi companies have unveiled IPO plans as the Saudi bourse is among the best-performing in the Gulf, but last week   travel agent Al-Tayyar Travel Group cancelled its IPO plans due to weak demand. – Reuters




Tags: IPO | Saudi | CMA | Shares | Riyadh | Public |

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