DUBAI - Al Salam Bank has announced that it has extended the offer period for its $18.750 million initial public offering (IPO), which was due to close this week.
The bank has moved the cut-off point to November 22 following the loss of several days of the offer as the UAE banking sector closed its doors to mark the passing away of the late President Shaikh Zayed bin Sultan Al Nahyan.
Al Salam's capital has been set at $75 million and 75 million shares have been issued with a face value of $1 each. The founders covered 75 per cent of the capital -- equivalent to $56,250 million -- from their own resources.
It is the remaining 25 per cent of the company's capital, with a nominal value of $18.75 million that is being made available through the public offering.
The IPO is available through various public offering centres in all Arab countries.
For example, investors in Sudan can subscribe through Omdurman National Bank and Byblos Bank of Africa. Investors in the UAE and other GCC countries have been advised to apply through Abu Dhabi Islamic Bank, Dubai Bank and First Gulf Bank, while those in the Levant must apply through the Lebanese Canadian Bank.
Those from GCC countries who are interested are able to contact public offering offices in the UAE.
The founders' council of the bank has five members. They are Mohamed Ali Alabbar, Hussein Mohammed Al Meeza, Saleh Saeed Lootah, Salem Rashid Al Muhanadi, and Mohammad bin Omair bin Yousif. Once Al Salam Bank is established it will have the largest capital of any bank operating in Sudan.BY A STAFF REPORTER
© Khaleej Times 2004
