Al Salam Bank moves IPO deadline

The bank has moved the cut-off point to November 22 following the loss of several days of the offer as the UAE banking sector closed its doors to mark the passing of the late President, HH Sheikh Zayed Bin Sultan Al Nahayan.

Al Salam's capital has been set at $75 million and 75 million shares have been issued with a face value of $1 each. The founders covered 75 per cent of the capital equivalent to $56,250 million from their own resources. It is the remaining 25 per cent of the company's capital, with a nominal value of $18.75 million, that is being made available through the public offering.

The IPO is available through various public offering centres in all Arab countries. For example, investors in Sudan can subscribe through Omdurman National Bank and Byblos Bank of Africa. Investors in the UAE and other GCC countries have been advised to apply through Abu Dhabi Islamic Bank, Dubai Bank and First Gulf Bank, while those in the Levant must apply through the Lebanese Canadian Bank. Those from GCC countries who are interested are able to contact public offering offices in the UAE.

The founders' council of the bank has five members. These are Mr Mohamed Ali Alabbar, Mr Hussein Mohammed Al Meeza, Mr Saleh Saeed Lootah, Mr Salem Rashid Al Muhanadi, and Mr Mohammad bin Omair bin Yousif. Once Al Salam Bank is established it will have the largest capital of any bank operating in Sudan.

The bank's list of founders includes a number of VIP individuals and financial institutions in Sudan, UAE, Saudi Arabia, Lebanon, Jordan, and Bahrain. These include Investment Office, Amlak Finance, Lebanese Canadian Bank, State of Khartoum, and The National Fund for Social Security.

As soon the allotment process and the required establishment procedures are concluded, Al Salam Bank's stock will be listed in the Khartoum and Dubai financial markets.