JEDDAH, 15 May 2005 — Emirates & Sudan Bank (ESB), claimed to be the biggest of the new Islamic financial institutions, is offering its $28.5 million initial public offering (IPO), representing 25 percent of the bank’s paid-up capital, from today.
The offering will be open to investors of all nationalities who will be able to subscribe through specified centers in the UAE, Sudan, GCC, and Jordan, for one month. ESB’s 28.5 million shares will be offered at a face value of $1 each. “ESB is expected to be inaugurated in Sudan within about three months,” the spokesman for the bank told Arab News yesterday. 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. Investors in Sudan can subscribe to the IPO through El Rowad Financial Services at Khartoum’s Al Baraqah Building (Khartoum Stock exchange); Sudanese French Bank, Al Jamhoria branch; and Omudurman National Bank. Investors in the UAE may apply for shares through Dubai Islamic Bank’s (DIB) main branch in Al Shola Building, Al Maktoum Street; DIB’s Sharjah branch at Al Jawazat Street, opposite King Faisal Mosque; Abu Dhabi Islamic Bank branch on Shaikh Khalifa Street, Abu Dhabi; and Abu Dhabi Islamic Bank branch in Al Sinayia, Al Ain. The banks are acting as collection agents as per the requirements of the Khartoum Stock Exchange. This offering will be listed on Khartoum Stock Exchange.
Investors in the GCC and Jordan, may apply for shares in the Kingdom through Saudi Hollandi Bank, Riyadh, and National Commercial Bank, Jeddah; Arab Investment Company, Manama; Qatar Islamic Bank, Doha; Al Tadamon International Islamic Bank, Sanaa; and Arab Bank, Amman.
