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Al Baraka plans Syrian unit IPO
- Syria: Sunday, August 30 - 2009 at 14:00
The initial public offering for Al Baraka Banking Group's Syrian affiliate will open on October 4 and run for one month. "We have to raise $35m, which is 35% of the capital, and it has to be sold for Syrians only," General Manager Mamoun Darkazally told Gulf Daily News. The bank plans to start operations in January next year with a capital of $100m, he added. Bank Bemo Saudi Fransi is managing the sale. Emirates Islamic Bank has a 10% stake in Al Baraka's Syrian unit.
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StaffSunday, August 30 - 2009 at 14:00 UAE local time (GMT+4)
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