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ARCCI IPO oversubscribed
The Saudi Gazette Published in The Saudi Gazette on 26 - 04 - 2009

The CEO of Al Rajhi Financial Services Co. (ARFS), Marcus Andrade, has announced the IPO subscription results for the Al Rajhi Co. for Cooperative Insurance (ARCCI).
ARFS is the lead manager & underwriter for the IPO.
In the first six days, the value of subscriptions amounted to SR 272 million with the number of subscribers reaching 446,250. The offer has been oversubscribed by 453 percent of total offered shares. The IPO was launched on April 18.
Andrade said the vast turnout for the IPO reflects the confidence of the subscribers and their clear support for the Company. In addition, the turnout reaffirms the investors' positive sentiment towards ARFS & its partners.
BMG Financial Group (BMG) is the financial advisor for the IPO, and its CEO, Basil Bin Mohammed Khair AlGhalayini, said the results exhibit the investors' trust in ARCCI in particular and the insurance sector of the Saudi Arabian stock market in general.

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