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Japan’s Tokio Marine unit plans Saudi IPO listing
Tokio Marine Middle East, an Islamic insurer, has gotten regulatory approval to list up to 30 percent of its shares on the Saudi stock exchange, according to a statement on Monday.
February 27, 2012 1:10 by Reuters
Saudi Arabia’s Alinma bank, a major shareholder in Tokio Marine Saudi Arabia, said the Capital Markets Authority had given the go-ahead for the initial public offering of 6 million shares at 10 riyals per share.
Japan’s Tokio Marine Holding and Alinma both own a 28.5-percent stake in the Saudi unit. Other smaller shareholders include Saudi Basic Industries. (Reporting by Mirna Sleiman; Editing by Amran Abocar)