8th Jun 2009 15:51
RSA announces date of IPO of Saudi Arabian business
RSA Insurance Group plc (RSA) has received a date of 3 October 2009, from the Kingdom of Saudi Arabia's Capital Markets Authority (CMA) for the IPO of its subsidiary Al Alamiya.
In accordance with CMA's regulatory requirements, Al Alamiya will float 30% of its equity capital on the Saudi Stock Exchange and has signed Riyad Capital as the lead manager and the sole underwriter for its IPO launch. Six million shares will be floated and priced at Saudi Arabian Riyal 10 per share.
For further information:
| Analysts Claire Cordell Tel: +44 (0) 20 7111 7212 | Press Jon Sellors Tel: +44 (0) 20 7111 7047 | ||||||||||||||||||||||||||||||
| Suzannah Seddon Tel: +44 (0) 20 7111 7140 | Simon Kutner Tel: +44 (0) 20 7111 7327 |
Notes to editors:
About RSA
With an almost 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East and Latin America. Focusing on general insurance, it has around 22,000 employees and, in 2008, its net written premiums were £6.5bn.
About Al Alamiya
Following the IPO, Al Alamiya's will be a top five international insurance company in KSA and its major shareholders will be Royal & SunAlliance Insurance Middle East Ltd. and Riyad Bank.
The IPO of 30% of Al Alamiya is a regulatory requirement in the Kingdom of Saudi Arabia (KSA).
In Asia & Middle East, RSA has its regional headquarters in Dubai with operations in 8 countries - China, India, Hong Kong, Singapore, UAE, Oman, Saudi Arabia and Bahrain. In 2007, 2008 and 2009, RSA were awarded the 'Middle East General Insurer of the Year' title by POLICY magazine.
Important Disclaimer
This press release may contain "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the Company's control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which the Company and its affiliates operate. As a result, the Company's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Company's forward-looking statements. The Company undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.
Copyright Business Wire 2009
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