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Article: Insurers get in line for listings: Despite the correction, the Tadawul will see more listings.(MARKET IN FOCUS: SAUDI ARABIA)(Tadawul All-share Index)(Al-Malaz Cooperative Insurance and Re-insurance Company)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- February 16, 2007
- Author:
CopyrightCOPYRIGHT 2007 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The first of more than 25 insurance companies lining up to offer shares to the public Closed its subscription in mid-February. The initial public offering (IPO) of Al-Malaz Cooperative Insurance and Re-insurance Company opened on 9 February to strong retail investor demand in the face of the ongoing correction in the secondary market.
The SR 142 million ($3718 million) offering of 48 per Cent of Al-Malaz was Covered almost one-and-a-half times by the third day of subscription, despite a warning from Islamic scholars that the IPO was forbidden.
A further five insurance firms are expected to list by April, reversing the established wisdom that a slowdown ...