Saudi IPOs Don't Herald A Return In Risk Appetite

Four insurance companies have said that they will launch IPOs on Saudi Arabia's Tadawul All Share Index (TASI) between April 18-27. The companies - AXA for Cooperative Insurance, ACE Arabia Cooperative Insurance Company, Weqaya Takaful Insurance and Reinsurance and Al-Rajhi Company for Cooperative Insurance - will attempt to raise a total of SAR260mn (US$69mn). The listings are mandatory as part of the procedure the insurance companies must follow to obtain a licence to operate in the Kingdom.

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