King and Spalding and its Saudi partner Mohammad Al-Ammar have advised Jeddah-based company AlAhli Takaful on a proposed 80 million Saudi Arabian riyal ($21 million) rights issue.

AlAhli Takaful, which has been listed on the Saudi Arabian Stock Exchange, offers Shari'ah-compliant insurance products, or takaful, in the kingdom.

The King & Spalding team led by partner Nabil Issa, who is based in the firm's Dubai and Riyadh offices, represented AlAhli Takaful on the documentation and legal compliance of the rights issue was. Issa was assisted by Mohammad Al-Ammar and associate James Stull.

The financial advisor for the rights issue was Aldukheil Financial Group. The lead underwriter was Al Rajhi Capital.

King & Spalding, which has offices in Dubai and Abu Dhabi, apart from the affiliated office in Riyadh, said that nearly 20 of its lawyers devoted almost all of their time to Shari'ah compliant finance and investment transactions. ALB

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