The move, which comes in accordance with the Council of Ministers' resolution number 8 of 2006, was welcomed by both Air Arabia and SHUAA Capital, who saw it as an expression of confidence on the part of the Ministry in the offering and the company. In addition, the fact that the Ministry's investment came early, on the fourth day of subscription, is a confirmation of the bullish demand for the offering.
The Ministry of Finance will be allocated the full percentage prior to the allocation of shares among subscribers. The five per cent of shares subscribed to by the Ministry will be deducted from the 2,116,700,000 shares of the second tranche.
SHUAA Capital is the Lead Manager, Financial Advisor and Bookrunner for the Air Arabia IPO.
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Ministry of Finance takes five per cent stake in Air Arabia IPO
- United Arab Emirates: Thursday, March 22 - 2007 at 09:24
- PRESS RELEASE
SHUAA Capital announced that the UAE Ministry of Finance and Industry has subscribed to five per cent of the shares offered in Air Arabia's Initial Public Offering (IPO), the maximum allowed to it under the law.
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Notes and media contacts
About Air Arabia: Air Arabia was established in February 2003 by an Amiri decree issued by His Highness Dr. Sheikh Sultan Bin Mohamed Al Qassimi, Ruler of Sharjah and Member of the Supreme Council of the United Arab Emirates. The company began operations in October of the same year.Based in Sharjah and with a fleet of nine Airbus A320 aircraft, Air Arabia serves 35 destinations across the Middle East, North Africa, Indian Subcontinent and Central Asia, including Afghanistan, Bahrain, Egypt, India, Iran, Jordan, Kazakhstan, Armenia, Kuwait, Lebanon, Oman, Nepal, Oman, Pakistan, Qatar, Saudi Arabia, Sri Lanka, Syria, Sudan, Turkey and Yemen.
Air Arabia is modeled after leading American and European low-cost airlines and is customised to local preferences. Its main focus is to make air travel more convenient through Internet booking and offering the lowest fares in the market without sacrificing on service or safety standards.
For media enquiries please contact:
Dana Budeiri - SHUAA Capital
Tel: +971 (0)4 319 9712
Housam Raydan - Air Arabia
Tel: +971 (0)6 5088968
Or
Nicholas Nesson / Bakul Gala / Tarek Fleihan
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: +971 (0)4 3355969
Fax: +971 (0)4 3356080
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, March 22 - 2007 at 09:24 UAE local time (GMT+4)
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