Takaful News - Saudi Arabia: Malath Insurance's IPO Oversubscribed
Source: Middle East Insurance Review | Mar 2007
Malath Insurance’s initial public offering to raise SAR142.5 million (US$38 million) is nearly four times oversubscribed.
In the IPO, which began on 3 February, the company offered Saudi investors 14.2 million shares, or 47.48% of its stock, at SAR10 each.
The company is the first of 13 insurers licensed last October by the Saudi authorities to go public. The insurance companies are scheduled to start operations after their IPOs, all set to take place this year.