The Founders Committee of AMLAK explained: "Having raised the desired equity of AED412.5 million through its maiden IPO, the company will now return the extra-share allotment money to investors, starting February 21, 2004. Cheques will be issued to all investors and sent by mail to the addresses written on the subscription applications. Due to the overwhelming response and a slight adjustment in the share allotment ratio based on the final report from the subscription banks, the company will issue 2.99 per cent shares to all investors."
The Founders Committee also added that AMLAK would be listed on the Dubai Financial Market (DFM) after the Annual General Meeting that is scheduled for March. A total number of 17,241 investors subscribed to the IPO with 64 per cent of the subscribers being UAE nationals, 31 per cent being GCC nationals and 5 per cent being expatriates resident in the UAE.
AMLAK Finance will send a notification to subscribers informing them about their individual share allotment. The Receiving Banks will return the excess monies to subscribers and the notification and refund process will be completed.
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AMLAK to return the extra share subscription money to investors next week
- United Arab Emirates: Sunday, February 15 - 2004 at 16:49
- PRESS RELEASE
AMLAK Finance, the region's premier property finance company, announced today that starting February 21, 2004, it will pay back to investors the excess money raised from last month's Initial Public Offering (IPO).
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Established in October 2000, AMLAK Finance is the first consumer finance company in the region that brings the completely new concept of mortgages for homeowners to the Gulf. AMLAK is majority owned by EMAAR Properties that retains a 45 per cent stake in the company. Its growth strategy combined an Initial Public Offering in January 2004 that was oversubscribed over 33 times, increased its capital to AED750 million and converted it into an Islamic financial institution that offers Shariah-compliant products. In 2003, AMLAK saw a profit increase of 300 per cent to reach AED14 million compared to AED3.5 million in 2002 and its loan book grew to AED1.5 billion of which AED550 million has been disbursed. AMLAK will be traded on the Dubai Financial Market through the formal stock exchange with no over-the-counter trading permitted.For further information, please contact:
Clare Woodcraft
ASDA'A Public Relations,
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, February 15 - 2004 at 16:49 UAE local time (GMT+4)
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