Emirates and Sudan Bank IPO witnesses strong investor response
Emirates and Sudan Bank’s (ESB) US$28.5 million Initial Public Offering (IPO) has been receiving strong response from investors in UAE, Sudan, Yemen, Jordan, and other GCC states since the IPO launch on May 15, 2005.
DIB has decided to respond to the strong demand from investors by opening its main Shoala branch in Al Shoala Building, Al Ittihad Road, Dubai and the Sharjah Branch on Al Jawazat Street, Sharjah (opposite King Faisal Mosque) to investors between 3pm and 7pm, Saturday to Thursday, up to and including the closing date of June 15th 2005.
Commenting on the IPO, an official at ESB’s steering committee, said: “Strong response indicates investors’ confidence in the prospects of a well capitalized bank like ESB in a country which is on the threshold of growth unprecedented in the recent past.”
Increased oil production in Sudan has contributed to a healthy GDP during the past few years and the Sudanese Government has successfully reduced inflation during this period also. Based on these positive economic indications, Sudan is expected to witness a boom especially after signing the recent peace agreement between the South and North.