Amlak Finance has announced the financial institutions that are to manage its Initial Public Offering (IPO) from January 18 to 28, 2004. Dubai Islamic Bank (DIB), National Bank of Sharjah and Dubai Bank have been appointed as the Receiving Banks and SHUAA Capital will be the Lead Manager.
Amlak is to offer 55 percent of its shares to the public at a price of Emirati dirham ($27) per share while the existing founding shareholders Emaar Properties will retain a 45 percent stake in the company.
The move will result in an increase in the company's capital from Dh 110 million to Dh 750 million. It will also serve to enhance the financial capabilities of the organization allowing it to expand and increase its funding options.
The IPO is open to individuals and corporate entities from the United Arab Emirates (UAE), Gulf Cooperation Council (GCC) countries as well as expatriates residing within the UAE. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
