AlBilad Investment, an Islamic investment banking firm, signed an agreement with Saudi Integrated Telecom Company (SITC), according to which AlBilad will be the IPO manager and the main underwriter for SITC’s initial public offering.

SITC is about to offer 35,000,000 shares which worth SR350,000,000 ($93.63 million) and a total number of 5,000,000 shares will be allocated to the General Organisation for Social Insurance (GOSI), a statement said.

SITC will offer 35,000,000 shares representing 35 per cent of its share capital. The offer price will be SR10 per share, and the subscription period will last for 7 days, from May 2 to 8.

Fahad Al Enezy, delegated CEO of AlBilad Investment, assured the readiness of AlBilad Investment Company to manage the IPO process as all the necessary preparations for the IPO launch are already completed.

They are all ready to receive the subscribers in all their branches in Saudi Arabia, through the e-services by Internet or phone banking in addition to ATMs of all the Saudi banks, he added.

Hassan Azzee, the official representative and the secretary of SITC’s board of directors, declared his satisfaction for all of AlBilad Investment Company procedures as a financial advisor, IPO lead manager and main underwriter. – TradeArabia News Service