Emirates and Sudan Bank to Launch $28.5 Million IPO

DUBAI, 7 May 2005 — Emirates and Sudan Bank (ESB), one of the biggest new Islamic financial institutions in Sudan, announced yesterday it was launching a $28.5-million initial public offering (IPO), a statement said.

The offer represents 25 percent of the bank’s paid-up capital and will be open to investors of all nationalities who can subscribe in both the United Arab Emirates (UAE) and Sudan for one month starting May 15, said the statement issued in Dubai.

ESB’s 28.5 million shares will be offered at a face value of one dollar each. Following the IPO, ESB will become the largest capitalized bank in Sudan with a paid-up capital of $113.5 million and an authorized capital of $200 million, the statement added.

Islamic banking combines modern banking principles with Islamic laws.