The IPO shall start on 01/04/1429H and end on 10/04/1429H (April 7 – April 16, 2008) through all Saudi banks. Applications for the IPO shall be received by all bank branches around the Kingdom or through e-channels.
It is note-worthy that this is the largest IPO seen by the Saudi stock market and is expected to expand the contribution base and witness the largest demand by the Saudi citizens as particularly the bank has many features that qualify it to enter the competition of the Saudi banking sector and the price per share is only SR 10 without issuance fees.
The selection of Samba Capital as the financial advisor and IPO manager was based on SAMBA’s back experience in managing many successful IPO’s in the Saudi stock market.
Although it is the most recent bank to be founded in the Kingdom of Saudi Arabia, Alinma bank intends to offer a variety of unique and Islamic Sharia compliant products and services.
For this purpose, it has appointed a Sharia commission and recruited an internal administrative cadre to support it in performing its duties. The bank seeks to enhance the Islamic business principles and satisfy the Islamic economy objectives and to ensure comprehensive compliance of all of its transactions with the Islamic Sharia principles and rules.
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