675 MM Shares in Saudi Kayan will be placed for Subscription on Saturday Al Eisa Announces Samba's Readiness to Manage the Largest ever IPO in the Kingdom's History
Samba Financial Group announced the finalization of all preparations to start subscription in "Saudi Kayan", SABIC newest Affiliate, on Saturday 11/4/1427 (28/4/2007), the largest IPO ever in the Kingdom's History.
675,00,000 shares will be placed at par value of SR 10 per share, amounting to SR 6.75 billion representing 45% of Saudi Kayan's share capital of SR 15 billion. IPO period will last for 10 days and it is anticipated to witness the highest subscription demand in the Kingdom's History. Minimum acceptable subscription will be 50 shares per subscriber and maximum will be 20 million shares per subscriber.
Samba, the IPO Manager, called upon potential subscribers to abide by the IPO conditions and regulations which was published in local newspapers, and will be distributed to subscribers in booklets during subscription period.
All Receiving banks will start accepting subscribers' applications as of Saturday 11/4/1427 (28/4/2007), and the process is anticipated to realize a surplus much higher than the required underwritten amount of SR 6.75 billion. More than 8 million application forms were prepared and distributed to the receiving banks to cater for the subscription requirements and ensure streamlined subscription process.
Mr. Eisa M. Al Eisa, Managing Director and Chief Executive Officer of Samba Financial Group, announced that Samba has taken all required steps relating to subscription process to ensure convenient and flexible flow and realize its objectives. Organizational plans have been put in place to provide all resources to accommodate the anticipated demand on subscription.
Al Eisa confirmed the comprehensiveness and accuracy of the procedures and preparations, and said "electronic means of subscription such as Internet Banking of receiving banks as well as IVR and ATM facilities will play a pivotal role to streamline the subscription process and provide convenience to subscribers.
"Samba took all relevant measures to curb fraud and manipulation and prevent utilizing names without knowledge of the relevant people" says al Eisa, and adds "Samba's established track record in managing many large IPO's in the Kingdom will contribute to the ultimate success of Saudi Kayan's IPO to the Highest standards and efficiency and overcome any gabs that may affect subscribers".
Al Eisa revealed that Samba will publish progress update statements in the local newspapers and on Samba and SABIC websites during the IPO period to unveil all information relating to different aspects of the IPO, with the aim to maintain high degree of transparency and provide facts. He also called upon subscribers to read terms and conditions relating to subscribing in shares before they proceed.
It is worth mentioning that Samba has announced that it prepared some booklets, pamphlets, guidelines and publications and distribute them to the receiving banks to provide sufficient information to subscribers, including the websites and toll frees of the receiving banks.