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SHUAA Capital psc (SHUAA), the leading investment banking institution in the UAE, announced today that it is finalizing the capital increase undertaken by International General Insurance Company (IGI). The capital increase is conducted through a private placement of 814,882 shares, representing 44.9% of capital stock, for US$75 million.
Khaled Sifri, Managing Director – Investment Banking at SHUAA Capital said: “The transaction attracted firm commitments well in excess of the required capital increase from various institutional and individual sophisticated investors from the GCC region. We now expect to close the transaction and allocate shares on the 16th of August." SHUAA Capital acted as investment banker and financial advisor to IGI, as well as the placement agent.
Mr. Wasef Jabsheh, IGI’s Chairman and Chief Executive Officer said: “Proceeds from the capital increase will be used to expand the existing business, open up new business lines and new markets."
Jabsheh added: “We have been working closely with SHUAA Capital’s Corporate Finance team to prepare this transaction for the past few months and we are very pleased to have attracted a group of sophisticated investors that share our vision and values and with whom we will share our future success."
IGI is involved in the (re)insurance underwriting business mainly for the oil and gas, construction, marine and property. IGI is differentiated from other (re)insurance companies in the region in that it conducts business mainly on a facultative basis, where each risk is evaluated on its own merits. As such IGI’s business requires very high levels of technical expertise and experience which is reflected in the quality and caliber of its management and staff.
IGI participates in underwriting (re)insurance along side the major international (re)insurers. “IGI is a leader in the (re)insurance business in this region with a proven management, consistent performance and a top reputation in the market; we are proud to be associated with IGI and we believe in the company and its continued success" said Makram Kubeisy, Head of Corporate Finance Advisory (CFA) at SHUAA Capital.
IGI intends to apply to list its shares on the Dubai International Financial Market (DIFX) in the near future.
The IGI private placement transaction was managed, structured and executed by the Corporate Finance Advisory team which is part of the Investment Banking Group (IBG) at SHUAA. CFA was advised by the auditing firm of PricewaterhouseCoopers who assisted in the financial and accounting due diligence.
CFA was also assisted by the legal firms of Tamimi in the UAE and IB Law in Jordan.
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Press Release issued by Investment Banking Group – SHUAA Capital
For further details please contact:
Mr. Khaled Sifri, Managing Director – Investment Banking Group, or Mr. Makram Kubeisy, Head of Corporate Finance Advisory
Tel: + 971 4 330 3600 or Fax: + 971 4 3303550
Email: InvestmentBanking [at] Shuaacapital [dot] com (InvestmentBanking [at] Shuaacapital [dot] com)
Note to Editors:
SHUAA Capital psc: is a public shareholding company organized and having its headquarters in Dubai, United Arab Emirates. The company was established in 1979. SHUAA’s shares are listed on the Dubai Financial Market and on the Kuwait Stock Exchange. The company provides investment banking, asset management and portfolio advisory/brokerage services to investors seeking to invest in the region. SHUAA Capital is active in Arab public capital markets, where it invests in listed securities and specialized funds.
International General Insurance Company LTD (IGI): is incorporated in the Hashemite Kingdom of Jordan under the tax-exempt provision of Jordanian Laws, with operating headquarters set-up in Amman, Jordan. IGI commenced underwriting operations on March 1, 2002. IGI is an international (re)insurance company mainly focused on the Middle Eastern, Far Eastern, and African Markets. IGI is recognized for expertise, professionalism and service. The company is a relative new player in the international (re)insurance market and seeks to carve out a niche is specialist lines of business that demand high levels of technical expertise and service. The company’s core business is predominantly energy, marine, and commercial/industrial property (re)insurance, where it accepts facultative business on both proportional and non-proportional basis.
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