King & Spalding and its affiliated office in Riyadh, the Law Office of Mohammad Al-Ammar, advised Jeddah-based AlAhli Takaful Company in its proposed 80 million Saudi Arabian Riyal (USD 21 million) capital increase through a rights issue. The company published a prospectus for the rights issue after receiving approval from the Saudi Arabian Capital Markets Authority.
AlAhli Takaful Company specializes in offering Shari’ah-compliant insurance products (Takaful) in the Kingdom of Saudi Arabia and is regulated by the Saudi Arabian Monetary Agency. Shares of the company have been publicly listed on the Saudi Arabian Stock Exchange since 2007.
The King & Spalding legal team representing AlAhli Takaful on the documentation and legal compliance of the capital increase and rights issue was led by partner Nabil Issa of the firm’s Dubai and affiliated Riyadh offices. Riyadh-based counsel Mohammad Al-Ammar and associate James Stull of the Dubai and New York offices also assisted with the matter.
The financial advisor for the rights issue was Aldukheil Financial Group. The lead underwriter was Al Rajhi Capital.
King & Spalding has one of the premier Islamic finance and Middle Eastern investment practices worldwide with nearly 20 lawyers in New York, London, Dubai, Abu Dhabi, Riyadh (affiliated office) and Atlanta who devote substantially all their time to Shari’ah-compliant finance and investment transactions. This core group is supported by over 30 corporate, real estate, finance, energy and tax lawyers who are regularly involved in these transactions. In 2010, more than 200 of the firm’s lawyers were involved in Middle Eastern and Shari’ah-compliant finance and investment transactions handled by the firm.
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