Ajman Bank to float Dh550m in IPO

 

Ajman Bank on Sunday announced the opening of its public offer for 550 million of its ordinary shares. 

 

Priced at Dh1 each, the stocks will have a minimum subscription of 2,000 shares and is open to UAE and non-UAE investors. Upon completion, Ajman Bank's shares will be listed on the Dubai Financial Market during the second quarter of 2008. 

 

Ajman Bank will be the first Shariah bank incorporated and headquartered in the emirate of Ajman. It intends to become the preferred 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.

 

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: “The creation of Ajman Bank is a central part of the economic development plans for Ajman. A new bank, offering a creative way of serving consumer and business customers' needs, will drive the growth of investment and commerce across the UAE.” 

Yousif Khalaf, CEO of Ajman Bank, added that the bank’s vision is to become the one of the country’s preferred financial services brands.  “We believe that this is a long-term vision that can be created by distinguishing ourselves [from our competitors] by offering our customers quality service,” he said. 

 

He mentioned that although Ajman Bank will be based on Shariah principles, it will we also target the whole of the financial services market.

 

“The public offer is an opportunity for investors to be part of our long-term vision of creating investor value by changing the way banking services are created and delivered in the UAE, and ultimately, the GCC.  It will also build upon the support Ajman Bank already has from the 25 per cent shareholding held by the Government of Ajman, in addition to 20 per cent held by financial institutions and private investors," Khalaf said.

HSBC Middle East is acting as financial advisor and lead manager to the bank.

 

Subscription forms and prospectus are available at the following banks: Abu Dhabi Islamic Bank; Dubai Islamic Bank; Emirates Islamic Bank; Noor Islamic Bank, Dubai Bank and Sharjah Islamic Bank.