Al Ahliyah IPO oversubscribed.
Vision IPO Closes Today
Al Ahliyah Insurance closed its IPO to convert into public joint stock company on August 2nd . The subscription was 3 times the number of the offered shares. Vision Insurance’s subscription will close at the business end today 7th August 2017.
The Capital Market Authority had approved in June the prospectuses of Al Ahliyah and Vision which shows t each company has offered 25 million shares at an issue price of 162 Baisas per share for Vision during the period from 9 July to 7 August. Al Ahaliyah’s share was offered at 300 Baisas during the period from July 4th to August 2nd 2017.
The Chief Executive Officer of CMA had earlier announced the offering of the shares of five insurance companies at the end of the three year grace period granted under Royal Decree No. 39/2014 in accordance with specific time plan agreed with the boards of the directors of the companies to be listed.