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Gulf equities are expected to open on a positive note today – thanks to recovery in crude prices. (File)
A newly-established insurance company in Abu Dhabi will launch a Dh66 million initial public offering next month - first in more than two years.
The company has capital base of Dh120 million, out of which 45 per cent or Dh54m have been deposited by founders in the local banks while the remaining 55 per cent or Dh66m will be offered to the public, The Gulf Today reported on Saturday without naming any sources.
The new insurance company will start selling shares to public from January 16, 2011 and its major shareholders include UAE-based businessmen and an Abu Dhabi-based financial conglomerate.
The daily said that the company has obtained necessarily approval from Abu Dhabi Executive Council, Insurance Authority, Emirates Securities and Commodities Authority and Department of Economic Development.
The IPO would be managed by UAE banks and open only to nationals.
The UAE IPO market has dried up for more than two years.
Mobile-phone distributor Axiom TelecomAxiom Telecom earlier this month cancelled IPO due to liquidity and market concerns.
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