RIYADH — Fawaz Abdulaziz Alhokair & Company yesterday announced the appointment of 11 local banks as co-managers for its SR 1.32 billion Initial Public Offering (IPO).
SABB is the sole underwriter of the IPO and also a selling agent. The other banks that are involved in selling the issue are: Samba Financial Group, Al Rajhi Banking & Investment Corporation, National Commercial Bank, Arab National Bank, The Saudi Investment Bank, Riyad Bank, Banque Saudi Fransi, Bank Al Bilad, Bank Al Jazira and Saudi Hollandi Bank. The connectivity between all these banks has already been tested including their branches.
HSBC Saudi Arabia Limited is the Financial Adviser and Lead Manager, SABB is the sole underwriter of the IPO, while Deloitte & Touche Bakr Abulkhair & Co are the registered auditors. The legal adviser to the transaction is the Law Office of Mohammed Al Shaikh.
The IPO will be open for subscription for 10 days from Saturday October 7 to Monday October 16, 2006. The minimum number of shares that an individual investor can subscribe is 10 shares and a maximum of 25000 shares.