The Saudi Arabian Capital Market Authority (CMA) has issued a resolution approving theinitial public offering of shares for Tokio Marine Saudi Arabia. The offering of 6,000,000 shares for public subscriptionrepresents 30% of Tokio Marine Saudi Arabia shares. Each share will be priced at SAR 10.The offering period will extend from March 19, 2012 through March 25, 2012.
Tokio Marine Saudi Arabia is a Shariah-compliant, cooperative insurance company with capital of SAR 200,000,000 (two hundred million Saudi Riyals). The ownership structure of the company is as follows:Alinma Bank (28.75%), Tokio Marine & Nichido Fire Insurance Co. Ltd (28.75%), SABIC Industrial Investments Co. Ltd (5%), Saudi Establishment for Trade and Distribution(5%), Sheikh Abdullah Ben Mohammed Ben Abdul Aziz Al Romaizan (2%), and Geant Saudi Ltd (0.5%).
Tokio Marine Saudi Arabia will introduce Shariah-compliant insurance products that follow the best professional standards in the Saudi market. As a major shareholder, Tokio Marine & Nichido Fire Insurance Co. Ltdhas a long history of experience in the insurance industry, including Takaful insurance, with its “direct Takaful” operations in major Islamic countries such as Saudi Arabia, Malaysia, Indonesia and Egypt. It also owns a “re-Takaful” company in Singapore and carries out strategic Takaful R&D functions for the entire Tokio Marine group through its Takaful center for excellence based in Dubai, UAE. The new company, Tokio Marine Saudi Arabia, will develop a broad range of various,high-quality Takaful products, which will be delivered to clients primarily through the kingdom-wide branch network of Alinma Bank, which is also a co-founder of the company.Tokio Marine Saudi Arabia aimsto contribute to meeting the needsinthe Saudi market forboth retail and corporate Takaful insurance products.