Contract establishing Etihad Etisalat is endorsed at Riyadh Notary Public
Al Saghyir: Immense gratitude to the Ministry of Trade and Industry, CMA, CITC and SAMA
Riyadh, 2 November 2004: The administrative formalities establishing Etihad Etisalat were completed yesterday at the Riyadh Notary Public thus, allowing the company to begin its operations in the Saudi market after the successful completion of the IPO.
On this occasion Mr. Abdulaziz Al Saghyir the Chairman-designate of Etihad Etisalat expressed the company thanks to the Ministry of Trade and Industry for its support during the authentication process at the Riyadh Notary Public that ended yesterday. He also expressed his gratitude to the founders and they are: GOSI - General Organization Social Insurance, Al-Jomaih Holding Company, Abdulaziz Al Saghyir Commercial Investment Company, Rana Investment Company, Abdullah & Said M.O. Binzagr, Riyadh Cables Group of Companies for their support and their trust.
He also expressed his thanks to The Capital Markets Authority (CMA) for their support during the successful IPO which is the largest IPO to take place in the Kingdom. He also thanked Communication and Information Technology Commission (CITC) for their transparency and objectivity during the awarding phase of the second GSM license in Saudi Arabia. The Saudi Arabian Monetary Authority (SAMA) was also thanked for its immeasurable support during this past period.
He also said that the IPO that was completed recently which represents the largest IPO of its kind that Saudi Arabia has seen given that the number of subscribers stood at 4,276,827, with a combined IPO payment of 51,044,217,500 Saudi Riyals which exceeded all expectations from both market watchers and analysts in the Saudi Stock Market.
He further added that Etihad Etisalat has received 1,068,103 completed IPO forms through more than 1200 branches of the ten Saudi based banks kingdom-wide that participated in the10 day IPO which started on the 2nd of Ramadan 1425 corresponding to 16th October 2004.
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