Emirates, Sudan Bank launches $28.5 million initial public offering
DUDAI, May 14, 2005 (WAM) — Emirates and Sudan Bank (ESB), the biggest of the new Islamic financial institutions to be inaugurated in Sudan, will launch tomorrow a $28.5 million Initial Public Offering (IPO), representing 25 per cent of the bank’s paid-up capital.
The offering will be open to investors of all nationalities who will be able to subscribe through specified centres in the UAE, Sudan, GCC, and Jordan, for one month. ESB’s 28.5 million shares will be offered at a face value of US$1 each.
Following the IPO, ESB will become the largest capitalised bank in Sudan with a paid-up capital of US$113.5 million and an authorised capital of $200 million.
Investors in Sudan can subscribe to the IPO through El Rowad Financial Services at Al Baraqah Building (Khartoum Stock exchange), Khartoum, the Sudanese French Bank, Al Jamhoria branch, and Omudurman National Bank, Khartoum.
Investors in the UAE may apply for shares through Dubai Islamic Bank’s (DIB) main branch in Al Shola Building, Al Maktoum Street, DIB’s Sharjah branch at Al Jawazat Street, opposite King Faisal Mosque, Abu Dhabi Islamic Bank branch on Shaikh Khalifa Street, Abu Dhabi, and Abu Dhabi Islamic Bank branch in Al Sinayia, Al Ain.
The banks are acting as collection agents as per the requirements of the Khartoum Stock Exchange. This offering will be listed on Khartoum Stock Exchange.
Investors in the GCC and Jordan, may apply for shares through the Saudi Hollandi Bank, Al Riyadh, Saudi Arabia, and National Commercial Bank, Jeddah, Saudi Arabia, the Arab Investment Company, Manamah, Bahrain, Qatar Islamic Bank, Doha, Qatar, Al Tadamon International Islamic Bank, Sana’a, Yemen, and Arab Bank, Amman, Jordan The IPO follows completion of the bank’s private placement which closed at US$85 million following an enthusiastic response from investors in Sudan and UAE.
Large financial institutions and Islamic banks from both countries have taken part in the private placement including Dubai Islamic Bank, Sharjah Islamic Bank, Abu Dhabi Islamic Bank (DIB), and Islamic Development Bank.