Arab Today, arab today saudi bank shares go on sale in largest ipo worth 6bn
Last Updated : GMT 18:48:15
Arab Today, arab today
Arab Today, arab today

Saudi bank shares go on sale in largest IPO worth $6bn

Arab Today, arab today

Arab Today, arab today Saudi bank shares go on sale in largest IPO worth $6bn

Saudi traders monitor the stock market
Riyadh - AFP

Shares in National Commercial Bank went on sale Sunday in Saudi Arabia's largest-ever initial public offering, which at $6 billion is also one of the biggest in the world this year.
The IPO comes despite opposition from the kingdom's top religious leader and follows a difficult week on Gulf stock markets.
NCB, the last of 12 Saudi banks to go public, is offering one-quarter of its two billion shares, including 300 million for the public along with another 200 million which will be allocated to the state pension agency.
The offer would be worth $6 billion if all 500 million shares are purchased at the offered price of 45 riyals ($12, 9.4 euros) each.
One analyst said it was too early to gauge subscriber interest in the offer, which runs until November 2, after which the bank's shares will be traded publicly for the first time.
The IPO comes ahead of an expected easing next year of foreign investment restrictions in the country's Tadawul ALL-Shares Index (TASI).
Saudi Arabia is OPEC's biggest oil exporter and its economy has been one of the best performing in the Group of 20 leading nations, according to the International Monetary Fund.
Dubai and Saudi Arabia last week led stock price falls among all seven Gulf Cooperation Council (GCC) states, as oil prices continued to slide and world markets dropped on fears of a weaker economy and global insecurity.
The TASI declined by 12 percent last week but was still up 11.9 percent since the start of the year.
On Sunday the TASI closed 2.39 percent higher at 9,775.32 points.
NCB's sharia advisory council on Thursday declared the share offer to be acceptable under Islamic law but Saudi Arabia's Grand Mufti, Sheikh Abdul Aziz al-Sheikh, said Friday that the IPO is forbidden under Islam, which bans usury.
Only three of Saudi Arabia's 12 banks are fully compliant with Islamic sharia laws.
Columnist Abdullah bin Bakhiet, writing in Saturday's Al-Riyadh newspaper, dismissed the religious controversy, saying it has accompanied every IPO by a bank in the kingdom.
He said "some people brew the storm just to minimise the number of subscribers" and guarantee themselves a larger share.
"The NCB's IPO subscription is considered the largest ever in the kingdom's financial market," the official Saudi Press Agency said, announcing the start of the share offer.
The ultra-conservative Wahhabi Islamic tradition applies to both religious and political life in the oil-rich Gulf kingdom.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi bank shares go on sale in largest ipo worth 6bn Arab Today, arab today saudi bank shares go on sale in largest ipo worth 6bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi bank shares go on sale in largest ipo worth 6bn Arab Today, arab today saudi bank shares go on sale in largest ipo worth 6bn

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday