Lutfi Al Zein, Chairman and CEO of MedGulf, one of the 13 cooperative insurance companies licensed lately by the Saudi Council of Ministers, has announced that the company has mandated BMG Financial Advisors and Saudi Arabian Investment Bank (SAIB) as financial advisors, arrangers and underwriters for the IPO process.
"Over the years we have endeavored to accord quality service to our customers. Our intention to float is another step is increasing our stake holder base be it clients or investors. The seamless service that has become synonymous with MedGulf's services will mark our transition to a listed company," commented Mr. Al Zain.
Being one of the leading insurers and largest by capital and premium income in the Arab world, MedGulf operates a comprehensive portfolio of insurance products including motor vehicle, property and fire, marine, engineering, aviation, and energy insurance as well as health and life insurance. The company has been in the business for over 25 years.
"We are pleased to be appointed by MedGulf, a household insurance name in the Middle East with a well-established presence in the Saudi market," commented Basil Al-Ghalayini, CEO of BMG Financial Advisors. BMG has worked on a number of insurance-related projects and has been active in raising investor awareness by producing research reports, organizing forums and developing a market index that gives an additional perspective to market behavior.
For his part, Saud El Saleh, Managing Director of SAIB emphasized the importance of the smooth transformation of MedGulf to a public entity in accordance with SAMA’s regulations. Both BMG and SAIB are working closely to achieve this in a timely fashion.
