Abu Dhabi, UAE; 12 January 2017
Union National Bank, as a Lead Manager & Lead Receiving Bank for Orient UNB Takaful PJSC IPO (Under Incorporation), announced that the Initial Public Offer (IPO) was oversubscribed more than 13 times. Union National Bank was the sole manager for the Orient UNB Takaful IPO which was the first Initial Public Offer to hit the UAE market since 2015.
The Orient UNB Takaful IPO size was 600,000 Ordinary Shares representing 30% of the equity of the new Company (AED 60 Million) with a share price of AED 100 plus AED 1 as issuing expenses. The IPO subscription period was open from 29th November 2016 till 15th December 2016.
Union National Bank informed Securities and Commodities Authority (SCA) that the total collection is AED 826 Million from IPO Subscribers, Accordingly after closing the IPO, Union National Bank refunded the excess money to Subscribers on 20th December 2016.
Union National Bank is currently working with Dubai Financial Market (DFM) to list the new Company.
Mr. Mr. Mohammad Nasr Abdeen, UNB CEO, said: “We are happy of our partnership with Orient Insurance Company, in establishing the new Takaful company which will offer a range of innovative products and services to the increasing number of customers looking for Islamic financial solutions. Despite the high number of insurance companies operating in UAE, we see an opportunity, as there are only a limited number of companies operating in the field of Takaful. In addition, there is a growing demand for Sharia compliant financial products and services and insurance products.
“With our strong and diverse capital base, we now are focused on continued expansion and delivering superior returns that our shareholders and capital market investors have come to expect of us.”
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.
For more information
Corporate Communications Manager – UNB
About Orient insurance
Orient Insurance, part of Al Futtaim Group, is the only company in UAE with a dual “A” rating both from Standard and Poors’ and AM Best. Orient is a composite insurer operating in seven countries with a paid up capital of AED 500 Million and equity in excess of AED 2.6 Billion, the highest in the country.
© Press Release 2017