23 May 2012
MUSCAT -- The Initial Public Offering (IPO) for Bank Nizwa, Oman's first Islamic bank closed yesterday after receiving an overwhelming response from investors. The bank floated 600,000,000 ordinary shares at an offer price of 102 baisas per share, through an initial public offering commenced from April 23, 2012.
On the occasion Dr Jamil El Jaroudi, Chief Executive Officer, Bank Nizwa said, "We are really thankful to the investment community in Oman, GCC and other parts of the globe, for their tremendous response and the confidence they have placed in us. This is a proud day for Bank Nizwa and we are committed to uphold the trust placed in us by our valued shareholders."
Oman Arab Bank -- Investment Management Group (OAB-IMG) as the Issue Manager is also very enthused by the response. The Head of Investment Management Group, Oman Arab Bank SAOC, Lo'ai B Bataineh said, "We have received a wonderful response from both retail and institutional investors. We will collate the final subscription data of the offer in the coming few days from the collection banks and report to Capital Market Authority, Oman accordingly. Thereafter, the allotment process, refunding and listing will hopefully be completed as provided in the offer documents.
The exact listing date of the shares will be published on the MSM website. Once the shares are listed the company plans to have a Constitutive General Meeting of shareholders.
Islamic banks and window operations are expected to get up to 10 per cent of the market share of the total banking assets in Oman within few years. The banking assets in the region are of $40-42 billion and are growing at a healthy pace.
MUSCAT -- The Initial Public Offering (IPO) for Bank Nizwa, Oman's first Islamic bank closed yesterday after receiving an overwhelming response from investors. The bank floated 600,000,000 ordinary shares at an offer price of 102 baisas per share, through an initial public offering commenced from April 23, 2012.
On the occasion Dr Jamil El Jaroudi, Chief Executive Officer, Bank Nizwa said, "We are really thankful to the investment community in Oman, GCC and other parts of the globe, for their tremendous response and the confidence they have placed in us. This is a proud day for Bank Nizwa and we are committed to uphold the trust placed in us by our valued shareholders."
Oman Arab Bank -- Investment Management Group (OAB-IMG) as the Issue Manager is also very enthused by the response. The Head of Investment Management Group, Oman Arab Bank SAOC, Lo'ai B Bataineh said, "We have received a wonderful response from both retail and institutional investors. We will collate the final subscription data of the offer in the coming few days from the collection banks and report to Capital Market Authority, Oman accordingly. Thereafter, the allotment process, refunding and listing will hopefully be completed as provided in the offer documents.
The exact listing date of the shares will be published on the MSM website. Once the shares are listed the company plans to have a Constitutive General Meeting of shareholders.
Islamic banks and window operations are expected to get up to 10 per cent of the market share of the total banking assets in Oman within few years. The banking assets in the region are of $40-42 billion and are growing at a healthy pace.
© Oman Daily Observer 2012
