Islamic finance pioneer is appointed lead manager of Al Salam Bank's initial public offering.
AMLAK Finance PJSC, property finance pioneer and innovator in Islamic finance, has further expanded its capabilities in corporate and institutional finance with its appointment as lead manager of Al Salam Bank's forthcoming US$18.75 million initial public offering (IPO). Following the IPO, the shares will be listed on the Dubai Financial Market (DFM) and Khartoum Stock Exchange (KSE).
As lead manager of the IPO in the UAE and GCC, AMLAK will manage and co-ordinate all aspects of the offering. The Company will work alongside Omdurman National Bank, the lead manager of the IPO in Sudan. The IPO, which begins this Saturday, 9 October 2004, is open to national and residents in Sudan, the UAE, and Lebanon through specified IPO offices in each country. Those interested in subscribing outside of Sudan can do so through Abu Dhabi Islamic Bank, Dubai Bank, First Gulf Bank of the UAE, and the Lebanese Canadian Bank in Lebanon. For further information investors can contact AMLAK on 800 4337.
"We are pleased that the Founders' Committee of Al Salam Bank has entrusted us with this next important phase of development for the bank," said Mohammed Ali Al Hashimi, AMLAK's Chief Executive Officer. "Our appointment shows our capability in managing and co-ordinating an intricate process that, once completed, will establish Al Salam Bank as the highest capitalised bank in Sudan."
Sudan is entering into an unprecedented phase of economic development thanks to the efforts made in economic reconstruction and the increase in oil production from the Sudanese fields. The eventual listing of the new shares on the DFM and KSE will allow investors in the Gulf to join in the economic development of the country.
Al Hashimi concluded: "AMLAK is constantly exploring new opportunities to bring value to our shareholders. By expanding our core capabilities we are positioning the company into that of a truly diversified and innovative Islamic finance institution."
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© Press Release 2005
