Alliance Assurances is getting listed on Algiers' stock market

The supervisor of Algiers' stock market, the Commission d'Organisation et de Surveillance des Opérations de Bourse (COSOB) has given its approval to the company Alliance Assurances for the listing of 30% of its capital. The company is hoping to raise 1.4 billion DZD (19.2 million USD) on the financial markets. This capital increase comes as a result to the regulatory requirements issued by the supervisory authorities in the field of capital. The move will pertain to 1 804 525 shares for a purchase price of 830 DZD (11.4 USD) per share. Alliance, the market's second private company, is targeting a 30% growth of its turnover in 2010 to reach 3.5 billion DZD (48.2 million USD).