Al-Ahli Takaful announces the use of 2011’s IPO proceeds

24/04/2014 Argaam

Al-Ahli Takaful Company announced today on Tadawul the developments of the use of November-December 2011’s IPO proceeds up to the end of Q1-2014.

The proceeds have been used according to the prospectus as follows:

 

 

Description

Amount in SAR

Gross IPO proceeds

80m

IPO fees and expenses

5.5m

Investment in trade mark, developing current insurance products and launching new products.

1.8m

Statutory reserve

7.9m

Statutory deposit

6.7m

Remaining amount kept for required solvency margin

58.1m

 

 

 Any further developments regarding the use of IPO proceeds will be announced in a timely manner; the company said in its statement.

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