Alinma Bank IPO starts tomorrow | Alinma Bank IPO starts tomorrow -
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Alinma Bank IPO starts tomorrow

Saudi Arabia: Sunday, April 06 - 2008 @ 14:51

One billion and fifty million shares have been announced for IPO at a total price of SR10.5bn. The price has been set at SR10 per share without issuance fees.

In a joint press conference held in the Four Season Hotel with Samba Capital – the IPO manager – Alinma bank CEO Abdul Muhsin Al-Faris confirmed that the IPO shall be started on the date fixed by the Saudi Capital Market (SCM), i.e. the 7th of April 2008 and shall continue for ten days. He added that the minimum subscription shall be 50 shares per subscriber while the maximum is not limited.

According to Al-Faris, the announcement of 70% of the bank’s shares for IPO reflects the aspirations of the supreme leadership in broadening the contribution base of the citizens. He anticipated that the IPO would witness unprecedented demand as particularly banks form the highest promising sector in the Kingdom. Choosing Samba Capital as the IPO manager, he said, has been based on its experience in managing IPOs in the Saudi stock market which meets the Bank’s aspirations to choose the best for its IPO subscribers.

On the hand, Issa M. Al-Issa Chairman of the Board of Samba Capital, the financial advisor and IPO Manager reaffirmed that the Saudi banks are now fully prepared to receive alinma bank IPO subscribers conveniently at all areas of the Kingdom.

He maintained that the distributing of the IPO forms to all the banks, in coordination with alinma bank and other banks, has taken into account the population density and the expected numbers of subscribers in each area. “We have employed all IPO experiences seen in the Saudi market so that we may provide the easiest and most convenient way for subscription,” Al-Issa said. He expected that the e-channels (Internet, banking phone, ATMs) would witness the highest demand. Saudi banks understand the importance of e-channels in reducing the crowded queues and facilitate the subscription process.

It is note-worthy that the remaining 30% of the bank’s capital, i.e. SR4,500m has been paid in full and is owned equally by the Public Investment Fund, the General Retirement Organization and the General Organization for Social Insurance.

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Sunday, April 6- 2008 @ 14:51 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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