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Kuwaiti group to launch initial public offering for Sudanese bank

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June 30, 2007 (KUWAIT) — Kuwait’s Aref Investment Group will launch in August an initial public offering for 25 percent of the USD 100 million capital of the Sudan-based Al-Mal United Bank.

During a press conference on Saturday, the bank’s Chairman Saad Al-Wazzan expected the return on capital to reach 14 percent.

Aref and other investors, including Kuwait’s International Leasing and Investment Company, own 75 percent of the bank’s capital which was established in 2005.

On his part, the bank’s General-Manager Kamal Al-Zubair outlined advantages offered by Sudanese economy as its annually growing by eight percent since the 1990s.

Sudan, he said, currently has 26 banks split into three categories: USD 100 million capital, USD 50-100 million capital and under USD 50 million capital, noting that combined assets reached USD three billion.

The bank’s deposits have reached about USD 70 million, shareholders’ equity is about USD 75 million, while the bank’s operations have achieved over USD 145 million.

The bank will focus on finance operations by funding major projects, as well as state authorities and companies.

Other activities will include investment funds that will focus on real-estate, infrastructure, industry and agriculture.

(KUNA)

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