The opening of the Initial Public Offering of Amlak Finance has been met with an overwhelming positive response with investors queuing up at the receiving banks ahead of the opening hours of the first day.
Set to close on January 28, 2004, the IPO will raise 412.5 million Emirati dirhams ($112 million) from the investor community.
Chief Financial Officer of Dubai Bank Rishard Camball noted that subscribers were seeking to invest significantly more than the minimum subscription amount of Dh 25,000 but informed investors of the cash limit of Dh 40,000 per subscription. “In view of the UAE Central Bank's requirements regarding cash deposits, investors are advised to bring Manager's Cheques or Bank Pay Orders rather than cash. The Manager's Cheque should be for the consolidated amount of Dh 1.01 per share. The shares are being issued at one dirham per share whereas 1 fil per share is for subscription expenses."
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)
