An initial public offering (IPO) of shares in Saudi Arabia's newly created Al-Bilad Bank will run from February 21 to March 9, the bank said Saturday.
Spokesman Mohammad Al-Awadh said 30 million shares worth SR1.5 billion ($400 million), or half the new bank's capital, at the rate of SR50 per share, would be floated, <i>SPA</i> reported.
Saudi Arabia's Cabinet formally approved the launch of Al-Bilad Bank in November. It is the Kingdom's 11th commercial bank.
