IPO's Subscription Manager, the Investment and Development Office of the Government of Ras Al Khaimah, and Lead Bank, National Bank of Abu Dhabi (NBAD), recently announced the completion of the share allotment process of RAK Properties, and the issuance of share notifications and returned cheques for oversubscriptions.
Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, has ordered the return of oversubscriptions to subscribers in the shortest time possible, so as to minimize the interest burden of subscribers and to allow the return of capital. Receiving banks commenced reimbursement of overpaid subscription from tomorrow, thereby achieving a record time of less than two weeks since the IPO closed.
"The National Bank of Abu Dhabi has succeeded in reimbursing oversubscribed amount in record time under the directions of Sheikh Saud", said Majd al Maaytah, Manager of NBAD's Securities Services Department.
"We have coordinated closely with the Investment and Development Office of the Government of Ras Al Khaimah and have agreed to complete the reimbursement procedure through the receiving banks by sending the checks across through courier or depositing the amount in the subscribers bank accounts if available with the receiving banks.
"In line with directives of Sheikh Saud there are two subscription categories, 34.09 per cent of subscriptions in Category A shares were allotted to investors applying for amounts between AED20,000-AED100,000, while 1.47 per cent of subscriptions for the remaining 900 million Category B, for amounts of AED101,000 or above." said Izzat Dajani, Chief Executive of the Government of Ras Al Khaimah's Investment and Development Office.
The total subscription amount has reached a value of AED 62.5 billion, of which AED 47.3 billion was constituted by UAE subscribers, AED 12.1 billion from GCC subscribers and AED 3.1 billion from other nationalities.
