Ajman Bank announces share allotment and notice of first general assembly

The shares were priced at Dhs1 in the Offer, with a minimum subscription set at 2000 shares, with the Offer period commencing on 17 February and closing on 27 February.

167,221 UAE nationals and 46,600 non-UAE nationals applied for shares. Following the audit of subscriptions and in accordance with the terms of the Offer, each subscriber will receive the minimum allotment of 2,000 shares.

Following allotment of the minimum amount of shares, the balance of the subscriptions will be allocated on a pro rata basis, so that UAE nationals and non-UAE nationals will be allocated 422,500,000 and 100,000,000 shares respectively.

This would mean that, in addition to the minimum allotment of 2000 shares, each UAE national will receive 22.3 shares (0.223%) for every 10,000 subscribed and each non-UAE national will receive 25 shares (0.25%) for every 10,000 subscribed.

The balance of 27,500,000 shares, representing 5% of the offered shares, is allocated to the Ministry of Finance under the option detailed in the Prospectus.

The receiving banks have already started dispatching allotment notices to subscribers. Where the original payment for subscription was made by transfer from the subscriber's account to the receiving bank, the excess amount will transferred directly to the same account by the receiving bank.

Those having paid by cash or cheque for their subscription will have their excess amount returned by cheque through the receiving bank with which they applied.

Shareholders will also receive an invitation to attend Ajman Bank's first General Assembly which will be held on 9 April 2008.

Following completion of the Offer, the Bank will apply for its shares to be listed on the Dubai Financial Market, and it is expected that trading in its shares will start during the second quarter of this year.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, commented, "The incredible response to our IPO reflects the market's belief in our strategy to create not only a new bank for Ajman, but a new way of delivering financial services across the UAE.

"We saw strong demand from both institutional and retail investors in the UAE and from across the GCC. We are delighted to have the support of our investors as we use the IPO of the business as an important step towards our vision of creating a new financial services provider for Ajman and the UAE. We look forward to sharing our success with our shareholders as we embark upon our strategy and create long term shareholder value."

"Ajman Bank would also like to take this opportunity to thank all the receiving banks who helped to co-ordinate the subscription process including the lead receiving bank, Abu Dhabi Islamic Bank; Dubai Islamic Bank; Emirates Islamic Bank; Noor Islamic Bank, Dubai Bank and Sharjah Islamic Bank. We would also like to express our thanks to HSBC for being Ajman Bank's financial advisor and lead manager."
Ajman Bank will be the first Bank incorporated and headquartered in the Emirate of Ajman, based on Shariah principles and it intends to become the favourite financial services brand in the UAE and the GCC region. The Bank's strategy is to target the rapidly expanding Shariah 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.