Ajman Bank PJSC (“Ajman Bank” or the “Bank”) today announced that it will list its shares on the Dubai Financial Market (“DFM”) on the 22nd of June 2008. Ajman Bank’s share ticker will be AJMANBANK and its shares will be traded on the DFM as of June 22, 2008.
More than 211,000 UAE and non-UAE investors applied for shares in the Initial Public Offer, submitting more than AED42 billion for investment, representing an over-subscription rate of more than 77 times.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, commented: “This is truly a landmark occasion for Ajman Bank and the Emirate of Ajman. We want to build on the success of this hugely successful IPO (offering of 550 million shares), share our success with our shareholders and create one of the most valued banking entities in the region. The DFM listing will provide investors direct access to this dynamic and growing market.
We want to bring the human touch back to banking and embark upon developing a new way of delivering financial services in Ajman and across the UAE. We want to offer a unique value proposition to our customers and also create long term value for our shareholders.
“Ajman Bank would like to take this opportunity to thank all investors for their continued support and belief in our strategy. We would also like to thank our financial advisor and lead manager, HSBC as well as the receiving banks for all their efforts for this success”.
Ajman Bank will be the first Shariah bank incorporated and headquartered in the Emirate of Ajman and it intends to become the favorite financial services brand in the UAE and the GCC region. The Bank’s strategy is to target the rapidly expanding Shariah compliant financial services market with innovative products and services, designed to meet customers’ needs, supported with outstanding levels of customer service.
HSBC Middle East is acting as financial advisor and Lead Manager to the Bank.
© 2008 Al Bawaba (www.albawaba.com)
