“Alliance Assurances†first private company to be listed on Algiers Stock Exchange
The insurance company “Alliance Assurances†will be the first Algerian company of the sector to be listed on the Algiers Stock Exchange, its General Manager has announced.
- Talking on the sidelines of the official announcement of the operation, Hacen Khlifati has indicated that the move is designed to increase the company’s capital by 175% going up from 800 million Algerian Dinars to 2.2 billions over a month period.
- The company will put into the financial market 1.8 million shares of a value of 200 AD each awaiting their submission to the other institutions, companies and the large public to acquire the shares whose value was fixed at 830 Algerian Dinars each as from the second half of October.
- M Khlifati has indicated that the company’s shares were classified into five categories, 20 % of the overall shares will be dedicated to the shareholders bearing an Algerian nationality, 30% to the company, 30% corporate bodies abiding to the Algerian legislation, 10% for insurance brokers who will benefit from 10% sale and 10 % for the company’s employees across the 35 Algerian provinces.
- Khlifati has indicated that this move was driven by the company’s strategy to expand its activities on the Algerian market which is due to register more than 10% growth rate in the coming five years according to forecast in the field of insurances over small and medium sized companies.
- M Khlifati went on saying that the listing of the company on the Algiers’ Stock Exchange translates its unflagging trust to the Algerian financial market and the Stock Exchange alike, which turned to the small and medium sized companies and the private sector through the brand new funding procedures that will be implemented in the coming few months.
- He also indicated that the opening of the company’s capital on Algiers Stock Exchange is the first operation since 2000 adding that this operation reflects the soundness of the Algerian financial market.