5 Saudi Insurance Firm launched IPO volume of $71 mln.


Five Saudi insurance firms launched initial public offerings on Saturday to raise a total of 266 million riyals ($70.9 million).
Saudi United Company for Cooperative Insurance, Arabian Shield Insurance and Saudi IAIC will offer a 40 percent stake each, they said in separate statements.
SABB Takaful will offer 35 percent and Assurance Saudi Fransi (ASF) plans to sell 31 percent, the two firms said in statements.
Shares in the IPOs, which will close on March 26, have all been priced at 10 riyals each.
Saudi IAIC is a subsidiary of Dubai-based Salama Islamic Arab Insurance Co. IAIC.DU. SABB, Takaful is controlled by SABB bank 1060.SE and ASF is controlled by Banque Saudi Franci 1050.SE.
Saudi Arabia has licensed a number of insurance firms in an effort to liberalise the sector, on condition that they offer shares to the public and apply the Islamic form of insurance known as Takaful.
The 200-million-riyal IPO of Mediterranean & Gulf Insurance and Reinsurance (MedGulf) closed nearly three times oversubscribed in February.
In January, Malath Insurance, raised 142.5 million riyals with investors offering almost four times more funds than the company was seeking. 

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