Amlak Finance’s initial public offering (IPO) was 33 times oversubscribed, collecting 13.7 billion Emirati dirhams ($372 million) in 10 days.
Amlak will be traded on the Dubai Financial Market immediately after the final allocation of shares. Henceforth, Amlak shares will only be available through the formal stock exchange with no over-the-counter trading permitted, stated a press release.
Established in 2000, Amlak Finance is the first financial services company in the region to specialize in the provision of mortgages. The company is majority owned by Emaar Properties, which was founded as a public company in 1997. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
