A well informed source in the founding commitee of Ras al-Khaima Real Estate Company revealed that the subscription to the company shares will be held as planned as of Saturday, March 26th, refuting the rumors about its delay, reported the Emirate newspaper, Al-Bayan on Thursday.
The capital of the new company hits Dh2 billion (US$544 million), 55% of it will be offered for public subscription. The founders are required to invest in 45% of the company's capital, while the government of Ras al-Khaima obliged to subscribe in 5% of the company's capital. The rest of the capital, i.e. Dh1.1 billion, will be offered for public subscription, to be closed in April 7, 2005.
