2004 News Story

NCCI shares to be floated for public subscription in December

Minister of Finance Dr Ibrahim Al-Assaf announced yesterday that seven million shares of the National Company for Cooperative Insurance (NCCI), representing 70 percent of state-owned shares, will be floated for public subscription on December 21.  Agreement has been reached with the Financial Markets Authority, and shares on sale will include all the shares owned by the Public Investment Fund, corresponding to 50 percent of the company's capital, as well as 20 percent owned by the General Organization for Social Insurance and the Pensions Fund. These two organizations will each retain 15 percent of their stake in the company.