Amlak Finance announced that starting February 21, 2004, it will pay back to investors the excess money raised from last month's Initial Public Offering (IPO).
The Founders Committee of Amlak explained: “Having raised the desired equity of 412.5 million Emirati dirhams through its maiden IPO, the company will now return the extra-share allotment money to investors. Cheques will be issued to all investors and sent by mail to the addresses written on the subscription applications. Due to the overwhelming response and a slight adjustment in the share allotment ratio based on the final report from the subscription banks, the company will issue 2.99 percent shares to all investors.”
The Founders Committee also added that Amlak would be listed on the Dubai Financial Market (DFM) after the Annual General Meeting that is scheduled for March. A total number of 17,241 investors subscribed to the IPO with 64 percent of the subscribers being United Arab Emirates (UAE) nationals, 31 percent being Gulf Cooperation Council (GCC) nationals and five percent being expatriates resident in the UAE.
Amlak Finance will send a notification to subscribers informing them about their individual share allotment. The receiving banks will return the excess monies to subscribers and the notification and refund process will be completed. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
