SABB Takaful Rights Issue
Riyadh, Saudi Arabia – 29 August, 2009: SABB Takaful announced that it had successfully raised SAR 343.4 million in capital through its rights issue. In terms of value, this represents a total coverage of 114.5% from the SAR 300 million the Company sought to raise.
According to statistics provided by Aldukheil Financial Group, the Financial Advisor & Lead Manager of the rights issue, SABB Takaful's eligible shareholders subscribed to 25,530,835 shares, representing 106.4% of the rights issue shares.
SABB Takaful kept its subscription period window open for ten working days. The successful rights issue was coordinated and managed by Aldukheil Financial Group, while Saudi Hollandi Capital acted as the Underwriter.
Shareholders were able to subscribe through any of the appointed receiving banks branches, in addition to electronic channels such as telephone and internet banking, as well as via ATM’s.
The final allocation for the offered shares will be announced latest by 1 September 2009.
Dr. Yazid AbdulRahman Al-Ohaly, Chairman of SABB Takaful said, “The rights issue has been incredibly successful and we are extremely proud of the outcome. We are very pleased with our shareholders' trust and enthusiasm to support our future business plans.”
Riyadh, Saudi Arabia, 25 August 2009:Aldukheil Financial Group, Financial Advisor and Lead Manager for SABB Takaful, announces that as of Monday 24 August, subscription to its rights issue is running smoothly at all the receiving Banks.
Eligible shareholders may continue to subscribe until Wednesday 26 August 2009. The announcement of the final number of shares allocated to each eligible shareholder will be made no later than 1 September 2009.
The offering is open to all SABB Takaful registered shareholders as of the close of trading on the EGM date 8 August 2009. A minimum of 12 shares will be allocated for every 5 shares held by shareholders on the eligibility date
During the offering period, eligible shareholders may submit their applications to subscribe for rights issue shares either through a branch of the receiving banks or tele-banking services section or automated teller machines (ATMs) or the internet banking service of any of the receiving banks providing such services.
Receiving banks for the rights issue are The Saudi British Bank (SABB), Al Rajhi Bank, The National Commercial Bank (NCB or otherwise known as Al Ahli Bank), Bank Al Jazira, and Samba Bank.
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa), Financial Advisor and Lead Manager.
Riyadh, Saudi Arabia, 22 August 2009:The rights issue subscription period of SABB Takaful commenced on Saturday 15 August 2009, and will end on Wednesday 26 August 2009.
Mr. Mohammed Abdulaziz Aldukheil, Executive Vice President of AFG said, “The subscription process is going smoothly with shareholders subscribing through all the subscription channels provided by the receiving banks".
During the offering period, eligible shareholders may submit their applications to subscribe for rights issue shares either through a branch of the receiving banks or tele-banking services section or automated teller machines (ATMs) or the internet banking service of any of the receiving banks providing such services.
The receiving banks for the rights issue are The Saudi British Bank (SABB), Al Rajhi Bank, The National Commercial Bank (NCB or otherwise known as Al Ahli Bank), Bank Al Jazira, and Samba Bank.
The rights issue is open to eligible shareholders of SABB Takaful.
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa), Financial Advisor and Lead Manager.
First rights issue for an insurance company held in the Kingdom
Riyadh, Saudi Arabia, 15 August 2009:SABBTakaful announces its rights issue started Saturday, 15 August 2009.
A number of 24 million new shares are offered through this rights issue representing a 240% increase in SABB Takaful’s shares to 34 million. Shares are being offered at SAR 12.5 per share. The rights issue offering period will continue for ten working days including Wednesday 26 August 2009.
Dr Yazid AbdulRahman Al Ohaly, Chairman of SABB Takaful said: “This is the first rights issue held in the Kingdom for an insurance company and the proceeds will be used to finance the future plans of the company. We are pleased to announce the start of the subscription period.”
Shareholders voted at the Extraordinary General Meeting, held at The Saudi British Bank headquarters in Riyadh on 8 August 2009 to increase the company’s capital through a rights issue.
The offering is open to all SABB Takaful registered shareholders as of the close of trading on 8 August 2009. For those shareholders who wish to subscribe, 12 shares are allocated for every 5 shares held by shareholders on the eligibility date.
During the offering period, eligible shareholders may submit their applications to subscribe for rights issue shares either through a branch of the receiving banks or tele-banking services section or automated teller machines (ATMs) or the internet banking service of any of the receiving banks providing such services.
Receiving banks for the rights issue are The Saudi British Bank (SABB), Al Rajhi Bank, The National Commercial Bank (NCB or otherwise known as Al Ahli Bank), Bank Al Jazira, and Samba Bank.
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa), Financial Advisor and Lead Manager.
Following approval from the Capital Market Authority (CMA) on 28 June 2009 to increase SABB Takaful Company's capital through a rights issue (with a total value of SAR 300,000,000), approval from the shareholders was obtained during the Company's Extraordinary General Meeting (EGM) held 8 August 2009.
The rights issue price is SAR 12.50 per share, and the number of rights issue shares is 24 million shares. Shares not subscribed for, if any, will be available for eligible shareholders who subscribe for their rights in full. The prices of the additional shares subscribed for is SAR 12.50, SAR 19, SAR 26, and SAR 33.
The rights issue offering period will commence on Saturday 15 August 2009 and will remain open for a period of 10 working days up to and including Wednesday 26 August 2009.
During the offering period, eligible shareholders may submit their applications to subscribe for rights issue shares either through a branch of the receiving banks, tele-banking, automated teller machines (ATMs) or internet banking services of any of the receiving banks who provide for such.
The receiving banks are The Saudi British Bank (SABB), Al Rajhi Bank, The National Commercial Bank, Bank Al Jazira, and Samba Financial Group.
Aldukheil Financial Group (AFG) was appointed by SABB Takaful as the Financial Advisor and Lead Manager for the rights issue.
Mr. Mohammed Abdulaziz Aldukheil, Executive Vice President of AFG said, “We have finalized all procedures with the receiving banks who are ready to receive subscriptions. The AFG rights issue system is ready to ensure a smooth and healthy subscription process for subscribers around the Kingdom."
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa).
At the Extraordinary General Meeting (EGM) of the Company held in Riyadh on 8 August 2009, shareholders of SABB Takaful voted to increase the Company's capital by issuing rights issue shares with a total value of SAR 300 million.
Presided by Dr. YazidAbdulrahmanAl-Ohaly, Chairman of SABB Takaful, representatives of the Ministry of Commerce and Industry and the Capital Market Authority.
Dr. Al Ohaly, said: "We are very pleased that our shareholders have approved the rights issue which can now proceed in accordance with CMA regulations”.
The subscription period for the rights issue will begin on 15 August 2009 and end on 26 August 2009. The rights issue offering is being made to SABB Takaful shareholders registered with Tadawul at the close of trading on 8 August 2009.
The rights issue price is SAR 12.50 per share, and the number of rights issue shares is 24 million shares. Shares not subscribed for, if any, will be available for eligible shareholders who subscribe for their rights in full. The prices of the additional shares subscribed for is SAR12.50, SAR 19, SAR 26, and SAR 33.
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa), Financial Advisor and Lead Manager.
RIYADH - 13 July 2009: SABB Takaful has called for an Extraordinary General Meeting (EGM) of the company on 8 August 2009 to vote on the proposed rights issue.
The meeting has been called following approval by the Capital Market Authority (CMA), on 28 June 2009, of an application to increase the company’s capital through a rights issue with a total value of SAR 300 million.
Dr. Yazid AbdulRahman Al Ohaly, Chairman of SABB Takaful said, "At the EGM, eligible shareholders will vote to increase the capital of SABB Takaful through a rights issue at the recommended price of offered shares".
Aldukheil Financial Group has been appointed by the Company to act as Financial Advisor and Lead Manager for the rights issue, while Saudi Hollandi Capital has been appointed to act as the Underwriter.
The rights issue offering is being made to SABB Takaful shareholders registered with Tadawul at the close of trading on the date of the EGM.
Shareholders owning 20 or more shares may attend the EGM in person or nominate another shareholder through a power of attorney.
Attendance to the EGM will be open for all eligible shareholders from 5:00 pm onwards at the headquarters of the Saudi British Bank, Prince Abdul-Aziz Bin Musaed Bin Jalawi Street, Riyadh. Those wishing to attend the meeting should register their names and the number of shares they own or represent on the day of the EGM between 3:30 pm and the start of the meeting.
The prospectus for the rights issue will be available shortly on the websites of the Capital Market Authority (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa).
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For more details on rights issue contact us on:
Email: rights.issue@sabbtakaful.com
Telephone no: + 966 1 276 4651 / + 966 1 292 7788 -Ext. 3004
RIYADH - 29 June 2009: Dr. Yazid AbdulRahman Al Ohaly, Chairman of SABB Takaful welcomed today the decision by the Capital Market Authority (CMA) to approve its application to increase the company’s capital through a rights issue with a total value of SAR 300,000,000.
Commenting on the decision, Dr. Al Ohaly said, “We thank the CMA for their approval to proceed with a rights issue. Once completed, the funds raised from the rights issue will enable SABB Takaful to continue pursuing its business and growth objectives.”
The rights issue offering is being made to registered SABB Takaful shareholders at the close of trading on the date of the Extraordinary General Meeting ("EGM"), which will shortly be announced through local newspapers and Tadawul's website. The EGM will vote for the increase in capital and the price of offered shares as recommended by SABB Takaful's Board of Directors.
The prospectus for the rights issue will shortly be available on the websites of CMA, SABB Takaful and the Financial Advisor & Lead Manager, Aldukheil Financial Group.
SABB Takaful Company – www.sabbtakaful.com
SABB Takaful Company is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia with a fully paid-up capital of a SAR 100 million. It is an associate company of SABB and HSBC Group, with 32.5% owned by SABB, 32.5% owned by the HSBC Group and the balance owned by the public by way of an Initial Public Offering, The Company is listed in the Tadawul.
All SABB Takaful products are reviewed and approved by its Shariah Advisory Committee.
