Al Alamiya appoints advisors for its IPO

Published September 30th, 2009 - 01:29 GMT
Al Alamiya Cooperative Insurance Company, a Saudi joint stock company under formation, has appointed Riyad Capital as its Lead Manager and Sole Underwriter and Morgan Stanley Saudi Arabia as its Financial Advisor for its forthcoming initial public offering (IPO). The announcement was made at the formal signing ceremony held on 29th September in Riyad Bank Office and was attended by senior executives including Paul Whittaker (CEO Emerging Markets, RSA), Mark Cooper (proposed Managing Director, Al Alamiya Cooperative), Sheikh Ali Reza (proposed Chairman, Al Alamiya Cooperative), Teofilo Masera (Head of Investment Banking Division, Morgan Stanley Saudi Arabia), Talal I. Al-Qudaibi (Chairman, Riyad Capital), Ali A. Al-Gwaiz (CEO, Riyad Capital), Suliman Al-Gwaiz (Deputy CEO, Riyad Bank), Abdulaziz S. Al-Malki (Board Member, Riyad Capital) and Adel A. Al-Sheikh (EVP, Branches, Riyad Bank).
Mark Cooper, proposed Managing Director of Al Alamiya, said, “Our decision to appoint Morgan Stanley as Financial Advisor is based on the firm’s deep knowledge of Middle East capital markets. Similarly, Riyad Capital, the investment banking arm of Riyad Bank, has been a long-standing partner of RSA in the Middle East and Al Alamiya for many years. Our appointment of both Morgan Stanley and Riyad Capital is a testament to Al Alamiya’s track record of working with leaders in their field, and represents our ongoing commitment to the Kingdom.”
In June 2009, Al Alamiya was granted approval by the Capital Markets Authority (CMA) for the IPO to take place from (14/10/1430)H to (20/10/1430)H, which corresponds to the period from (3/10/2009)G to (9/10/2009)G. Al Alamiya will launch its IPO by floating 30% of its equity capital on the Saudi Arabian Stock Exchange, the Tadawul. Six million shares will be floated and priced at SR 10 per share.
Al Alamiya, which is part of one of the world’s leading insurance groups, RSA, has been operating in the Kingdom since 1978. Al Alamiya has been working very closely with its partners towards an IPO since being granted its Royal Decree on the 5th January 2009.

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