The Founders' Committee of Finance House has announced that the opening of the public subscription in company initial public offering (IPO) is set for April 24, 2004.The subscription period will continue for 13 days, closing on Thursday 6h of May 2004, stated a press release.
Finance House's capital is 200 million Emirati dirhams ($54 million) and the founders have subscribed for Dh 90 million, being 45 percent of the capital. The company is offering 110 million shares for public subscription. Each share bearing the nominal value of one Emirati dirham in addition to a subscription fee of five fils per share.
Subscription in the IPO of Finance House is restricted to United Arab Emirates (UAE) nationals, above 18 years of age, in addition to companies wholly owned by UAE nationals and UAE Federal and local government institutions.
The minimum subscription amount is 10,000 shares with multiples of 1,000 shares. There is no maximum subscription amount, but, during allocation no shareholder will be allotted more than five percent of the capital of the company in accordance to the company's articles of association.
Last month, the Abu Dhabi Emirate Executive Council issued the approval for the incorporation of Finance House. The company's founders list is headed by Abu Dhabi Investment Company and the National Investor. The total number of founders is 189 which include investment companies, insurance companies, co-operative societies, charitable foundations, large family business groups and a well diversified segment of local society, including a number of local businesswomen.
National Bank of Abu Dhabi (NBAD) is leading a syndicate of subscription banks including Emirates Bank International, Emirates Financial Services, National Bank of Fujairah and Invest Bank. — (menareport.com)
© 2004 Mena Report (www.menareport.com )