Friday, 05 October 2007
By Adel Al-Malki
THE Capital Market Authority (CMA) has approved the public subscription of three insurance companies. All companies will be floated above SR10 per share from October 27 to November 3, the CMA noted. Union Cooperative Insurance, with a capital of SR250 million, will float 10.5 million representing 42 percent of the company's total shares, Eagle Insurance Company, with a capital of SR200 million, in turn will float 8.4 million shares or equal to 42 percent of all issued shares while the Arab Cooperative Insurance Company, with a capital of SR200 million will float 8 million shares public subscription, representing 40 percent of its total stock issuances.