Latest news with #CompanyforCooperativeInsurance
Mid East Info
13-05-2025
- Business
- Mid East Info
SPECIALIZED MEDICAL COMPANY ANNOUNCES BINDING UNDERTAKING BY CORNERSTONE INVESTOR FOR ITS IPO - Middle East Business News and Information
Specialized Medical Company 'Company' or 'SMC', one of the leading healthcare providers in the Kingdom of Saudi Arabia ('Kingdom'), recognized as a center of excellence delivering comprehensive and integrated healthcare services across a wide range of specialties, announces that it has issued a supplementary prospectus in relation to binding undertaking from the Company for Cooperative Insurance Tawuniya referred to as the ('Cornerstone Investor') for its initial public offering (the 'IPO' or 'Offering'). The Company for Cooperative Insurance (Tawuniya) committed to subscribe, as Cornerstone Investor, for 5,875,000 shares of the Offer Shares (representing 2.35% of the Company's share capital after the Offering). The Company for Cooperative Insurance (Tawuniya) is considered a major investor in the Saudi markets. The Company believes that the contribution of the Company for Cooperative Insurance (Tawuniya) will provide an essential drive for achieving growth and long-term strategic goals. The price range for the Offering has been set between SAR 24.00 and SAR 25.00 per share ('Price Range') with the start of the institutional book-building period on 11 May 2025G, and will close at 2:00PM (KSA time) on 15 May 2025G. HIGHLIGHTS OF THE OFFER: The Company has appointed EFG Hermes KSA and SNB Capital Company ('SNB Capital') as the joint financial advisors (hereinafter referred to as the 'Financial Advisors'), bookrunners (the 'Bookrunners'), and underwriters (the 'Underwriters') and appointed SNB Capital as the lead manager (hereinafter referred to as the 'Lead Manager') in respect to the Offering described herein. The Company has also appointed SNB Capital, SAB Invest, Al Rajhi Capital, BSF Capital, Alinma Investment, Riyad Capital, Al Jazira Capital, Alistithmar Capital, ANB Capital, Derayah Financial Company, Yaqeen Capital, Al Khabeer Capital, Albilad Capital, GIB Capital and Sahm Capital to act as receiving agents (collectively, the 'Receiving Agents') for retail investors. The Company has obtained the necessary approvals from the Capital Market Authority (the 'CMA') and Saudi Exchange to proceed with the Offering and listing process as shown below: The Offering will consist of 75,000,000 ordinary shares (the 'Offer Shares'), representing 30% of the Company's total issued share capital. The Offer Shares will be offered for subscription to Individual Subscribers and Participating Parties (as defined below). A maximum of 75,000,000 ordinary shares, representing 100% of the offer shares, will be allocated to the Participating Parties initially, with the final allocation being made after the end of the retail subscription period. In the event of sufficient demand from retail investors, the Financial Advisors in coordination with the Company shall have the right to reduce the number of Offer Shares allocated to Participating Parties to a minimum of 60,000,000 Offer Shares, representing 80% of the total Offer Shares. The Offer Shares will be listed and traded on the Saudi Exchange's Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange. Subscription for the Offer Shares is restricted to the following groups of investors: Tranche (A): Participating Parties: This tranche includes categories that are entitled to participate in the book-building process as specified under the Instructions for Book Building Process and Allocation Method in Initial Public Offerings issued by the CMA. These categories include investment funds, qualified foreign companies and institutions, GCC corporate investors and other foreign investors under swap agreements. The number of Offer Shares that will provisionally be allocated to the Participating Parties is seventy-five million (75,000,000) Offer Shares, representing 100% of the total Offer Shares, of which five million eight hundred seventy-five thousand (5,875,000) shares of the Offer Shares (representing 2.35% of the Company's share capital after the Offering), being the Cornerstone Investor's Shares, shall be allocated to the Cornerstone Investor. The final allocation will be after the end of retail subscription. In the event that Individual Subscribers (as defined in Tranche B below) subscribe in full for the Offer Shares allocated thereto, the Financial Advisors shall have the right to reduce the number of Offer Shares allocated to Participating Parties to a minimum of sixty million (60,000,000) Offer Shares, representing 80% of the total Offer Shares, provided that such reduction shall not apply to the Cornerstone Investor and the final allocation to the Cornerstone Investor shall be five million eight hundred seventy-five thousand (5,875,000) shares of the Offer Shares (representing 2.35% of the Company's share capital after the Offering) in all cases. Accordingly, fifty-four million one hundred and twenty-five thousand (54,125,000) shares of the Offer Shares will be allocated to the Participating Parties other than the Offer Shares allocated to the Cornerstone Investor and individual shareholders. The Financial Advisors, in coordination with the Company and the Selling Shareholders, shall determine the number and percentage of Offer Shares to be allocated to Participating Parties using the discretionary allocation mechanism. It is possible that certain Participating Parties will not be allocated any shares, as deemed appropriate by the Company and the Financial (B): Individual Subscribers: This tranche comprises Saudi natural persons, any non-Saudi natural person who is resident in the Kingdom, or GCC nationals who have a bank account with one of the Receiving Agents and are entitled to open an investment account with a Capital Market Institution (collectively referred to as the 'Individual Subscribers'). A maximum of 15,000,000 Offer Shares, representing 20% of the total Offer Shares, will be allocated to Individual Subscribers. In the event that Individual Subscribers do not subscribe in full for the Offer Shares allocated thereto, the Lead Manager may reduce the number of Offer Shares allocated to Individual Subscribers in proportion to the number of Offer Shares to which they have subscribed. The Offer Shares will be offered for subscription to individual and institutional investors, including institutional investors outside the United States in accordance with Regulation S under the US Securities Act of 1933G, as amended ('US Securities Act'). The Offering's net proceeds will be distributed to the Selling Shareholders. The Company will not receive any part of the Offering Proceeds.
Zawya
07-04-2025
- Business
- Zawya
Saudi: Tawuniya's board recommends $60mln dividends for 2024
Riyadh – The Company for Cooperative Insurance (Tawuniya) announced the board's recommendation to pay out cash dividends valued at SAR 225 million for 2024. The insurance firm will disburse a dividend of SAR 1.50 per share for 150 million eligible shares, as per a bourse statement. The distribution date for the announced dividends, which represent 15% of the company's capital, will be announced once the general assembly approves the proposal. As of 31 December 2024, Tawuniya generated net profits after Zakat attributable to the shareholders valued at SAR 1.02 billion, an annual hike of 65.80% from SAR 616.42 million. Source: Mubasher
Zawya
27-02-2025
- Business
- Zawya
Mideast Stocks: Major Gulf markets ease, Saudi extends losses
Major stock markets in the Gulf fell in early trade on Thursday during a slowdown in corporate earnings, with the Saudi index set to extend losses for a third session. Saudi Arabia's benchmark index dropped 0.3%, pressured by a 0.8% decrease in Al Rajhi Bank and a 1% fall in 1.5% in Saudi Telecom Company. However, Company for Cooperative Insurance advanced 4.2%, after the insurer met analysts' estimates. Oil prices - a catalyst for the Gulf's financial markets - edged up after sliding in the previous two sessions, with supply worries resurfacing after U.S. President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela. Dubai's main share index eased 0.1%, hit by a 1% fall in toll operator Salik Company and a 0.4% decrease in blue-chip developer Emaar Properties. In Abu Dhabi, the index lost 0.2%. Separately, UAE investment platform 2PointZero is targeting a stock market listing in Abu Dhabi this year, CEO Mariam bint Mohammed Almheiri said on Wednesday. The Qatari benchmark dropped 0.5%, on course to fall for a third consecutive session, hit by a 2.8% fall in Qatar Islamic Bank.
Zawya
11-02-2025
- Business
- Zawya
Tawuniya selects MoneyHash to optimize payment performance
The Company for Cooperative Insurance (Tawuniya), the largest insurance company in MENA, today announced a strategic partnership with MoneyHash, the Middle East and Africa's leading payment orchestration platform, at LEAP 2025 in Riyadh. This collaboration aims to optimize Tawuniya's payment performance, deliver a seamless customer experience, and empower the company to stay ahead of the curve with next-generation payment solutions. Optimizing for the Future Through this partnership, Tawuniya leverages MoneyHash's innovative payment orchestration platform to streamline its payment infrastructure. This collaboration will enable Tawuniya to: Enhance Payment Performance: By integrating with a diverse range of payment methods and optimizing routing, MoneyHash will help Tawuniya increase payment success rates and reduce processing times. Deliver a Superior Customer Experience: MoneyHash will enable Tawuniya to offer a seamless and convenient payment experience to its customers through features such as one-click payments, flexible payment schedules, and personalized payment options. Embrace Next-Gen Payment Solutions: MoneyHash's cutting-edge technology positions Tawuniya at the forefront of the insurance industry's digital transformation journey. A Commitment to Innovation 'Tawuniya is committed to embracing advanced technologies that enhance our customer experience and operational efficiency,' said Abdullah Alsharqi, CTO of Tawuniya. "We are delighted to announce this partnership with MoneyHash at the dynamic LEAP 2025 conference. This collaboration aligns perfectly with our vision for the future, and we are confident that this partnership will empower us to deliver exceptional value to our customers." Setting a New Benchmark 'We are thrilled to partner with Tawuniya, a leading insurance provider in the region, at this year's LEAP conference,' said Nader Abdelrazik, co-founder and CEO of MoneyHash. 'This collaboration signifies a significant step forward in transforming the insurance payment landscape in Saudi Arabia. Together, we aim to set a new benchmark for innovation and customer centricity.' Powering Saudi Arabia's Insurance Revolution As Saudi Arabia's insurance sector continues its remarkable growth trajectory, with gross written premiums reaching SAR 65.5 billion ($17.5 billion) in 2023 and projected to exceed SAR 83.5 billion ($22.3 billion) by 2028, the industry stands as a crucial pillar in achieving Vision 2030's financial sector development goals. With insurance penetration in the Kingdom currently at 1.28% of GDP in 2022 and targeted to reach 4.3% of non-oil GDP by 2030, digital transformation has become a key driver for market expansion and operational excellence. This sector's evolution aligns with Vision 2030's objectives to strengthen the digital infrastructure of the financial services sector, as evidenced by Saudi Arabia securing the second spot among G20 nations in the 2021 Digital Competitiveness and Progress report. About MoneyHash MoneyHash has established itself as a leading all-in-one payment orchestration and revenue operations platform in the Middle East and Africa. Recognized for its innovative approach, MoneyHash addresses key challenges that businesses face in the realm of digital payments. These challenges range from the prolonged efforts required to integrate with multiple payment providers, to tackling issues like low conversion rates, payment failures, inefficient payment flows, and mitigating fraudulent activities. At the heart of MoneyHash's mission is the simplification and optimization of payment infrastructure. By streamlining these critical processes, MoneyHash empowers businesses to not only overcome operational hurdles but also to focus on their core growth and expansion strategies.
