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ACE Arabia launches IPO in Tadawul  Join our daily free Newsletter

MENAFN - 19/03/2009

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(MENAFN) ACE Arabia Cooperative Insurance Company announced that it will offer 4 million shares in Initial Public Offerings (IPOs) on the Tadawul in Saudi Arabia, and the IPO will take place on April 18 2009 and will run until April 27, Khaleej Times reported.

ACE's Regional Managing Director for MENA said that the company will list with a capital of 26.6 million, and the 4 million shares will be offered to the public represent 40 percent of the firm's shares.

He added that launching IPOs marks a milestone for the company moving towards the finalization of the establishment of ACE Arabia as a locally-domiciled company in Saudi Arabia. He said that Saudi Arabia has been a major market for ACE in the region for several years.

It is worth mentioning that ACE's MENA operations are headquartered in Bahrain, while the firm has been operating in Saudi Arabia for 30 years in partnership with the Elkhereiji Group.

 






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