Emirates and Sudan Bank IPO to close tomorrow

ESB, the largest of the new Islamic financial institutions to be established in Sudan, has witnessed an overwhelming response to its IPO from investors in the UAE, GCC states, Sudan, national and expatriate UAE residents, as well as corporations.

Commenting on the visible success of the IPO, an official at ESB steering committee, said: "The IPO has been a major success attracting investors from the UAE, Sudan, and entire Gulf region. The response exceeded our most optimistic expectations and we are thankful for the continuing support of the investor community. The offering is another demonstration of confidence in the attractiveness of Sudan as an investment destination."

The offer represents 25 per cent of the bank's paid-up capital. Following the IPO, ESB will become the largest capitalised bank in Sudan with a paid-up capital of US$113.5 million and an authorised capital of $200 million.

Investors in the GCC, Yemen and Jordan may continue to purchase shares in the IPO up to and including the closing date on June 15th 2005. The value of each share is US$1 and companies and individuals of all nationalities may participate in this offering.