Saudi insurance companies incl takaful operators going IPO

Four Saudi insurance firms launched on Saturday initial public offerings to raise a total SAR 260 mn. Axa Cooperative Insurance Co and Wiqaya Takaful Insurance and Re-insurance Co will offer a 40 % stake, or 8 mn shares each. Ace Arabia Cooperative Insurance Co will also offer a 40 % stake equivalent to 4 mn shares, while Al Rajhi Company for Cooperative Insurance will offer 30 %, or 6 mn shares.