Scores of Saudis have visited banks across the Kingdom since early Saturday morning to purchase shares in the new Saudi mobile phone company led by the UAE telecom firm Etisalat at the start of the initial public offering (IPO).
According to Arab News, Saudi banks insisted that subscribers to Etisalat shares should have accounts in their branches. They provided share subscription forms only to those holding accounts in their branches.
Various branches reported subscription forms were finished in the early hours of the day and clients were asked to come back later in the evening.
The Capital Market Authority announced a few week ago that the IPO in the Etisalat Consortium would last for 10 days and shares would be available to purchase through all banks in Saudi Arabia.
Twenty million shares are on offer at SR50 ($13.3) each, and a limit of 10,000 shares per person has been set in order to allow room for small investors.
The minimum per person has been set at 10 shares, and the offering is limited to Saudi nationals. (menareport.com)
© 2004 Mena Report (www.menareport.com)
