Amlak Finance’s 412.5 million Emirati dirham ($112 million) Initial Public Offering (IPO) will closes on Wednesday January 28, 2004.
After the closing of the IPO, the Amlak founders committee will consult with the Receiving Banks – Dubai Bank, Dubai Islamic Bank and National Bank of Sharjah – and the Lead Manager, Shuaa Capital, to finalize the allotment of shares that will be traded on the Dubai Financial Market. They will also initiate the process of returning the excess funds deposited by investors in the event of oversubscription.
Shares are being sold at one dirham each and are being offered in minimum lots of 25,000. An additional one fils per share is being charged to cover the company's expenses for organizing the subscription process.
Established in 2000, Amlak Finance specializes in the provision of mortgages. The company is majority owned by Emaar Properties, which was founded as a public company in 1997 with the ambitious goal of becoming the region's leader in property development and management of both commercial and residential property. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
