Al-Baraka Bank to List Shares in Dubai |
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Thursday, 31 August 2006
DUBAI: Bahrain's top Islamic bank, the Al-Baraka Banking Group, announced Tuesday it will list in Dubai next week and said it planned to raise $200 million through an Islamic bond issue this year.
The 30-year-old Bahraini bank said its shares will simultaneously list on the Bahrain stock market and the Dubai International Financial Exchange on September 4 after its $581 million IPO in June.The bank will be the first Islamic institution to list on DIFX and the sixth overall. The UAE's Emirates Bank Group holds a five per cent share in ABG.
Adnan Ahmad Yousif, ABG's chief executive, told a news conference the bank was talking to Emirates Islamic Bank and an international bank for the sukuk issue and also seeking a credit rating from an international agency as a prelude to the offer.
"We hope to complete the issue before the end of the year," Yousif said, adding the sukuk will be listed in Bahrain and on DIFX.
ABG offered 188.9 million shares at $3.08 each to the public via the IPO that closed on June 15. The issue was oversubscribed 1.36 times.
It had also raised another $425 million through a private placement of shares before the IPO.
The bank said it plans to use the money to fund its aggressive international expansion plans in addition to strengthening its position in the domestic market and regional markets where it is present.
© The Saudi Gazette 2006
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