(MENAFN - Arab News) Tokio Marine Saudi Arabia (under formation) has announced that it has appointed Alinma Investment as lead manager and underwriter for the initial public offering (IPO) of 30 percent of its stocks (20,000,000 shares).
The offer period will extend from March 19 through March 25.
The share capital of the company amounts to SR200,000,000.
The major shareholders are Alinma Bank, Tokio Marine & Nichido Fire Insurance Co. Ltd., SABIC Industrial Investments Co. Ltd., Saudi Establishment for Trade and Distribution, Sheikh Abdullah Ben Mohammed Ben Abdul Aziz Al Romaizan and Geant Saudi Ltd., who altogether hold 70 percent of the company's shares.
The remaining 6,000,000 shares (30 percent) will be offered for public subscription at SR10 per share.
Alinma Investment, which is wholly owned by Alinma Bank and is licensed by the Saudi Arabian Capital Market Authority pursuant to License No. 09134-37, has been chosen to act as lead manager and underwriter for the IPO due to its experience in the field of investment, its technical ability to effectively and efficiently manage the IPO process, and its strong reputation that has been built upon its status as a subsidiary of Alinma Bank.
Tokio Marine Saudi Arabia is the only company of Japanese origin that will work in the field of cooperative insurance in Saudi Arabia, supplying fully Shariah-compliant products that address a range of insurance needs for both retail and corporate customers.
The company's products will be characterized by their quality and will uphold the reputation that has been built by Tokio Marine & Nichido Fire Insurance Co. Ltd. at the global level.
The company will also meet the needs of Japanese and other international companies for insurance coverage related to industrial projects such as oil refineries, petrochemical plants and the like.