Naseej to raise BD250 million

MANAMA: The volatility and upheaval in the financial sector is seen as an opportunity by companies like Naseej, a first regional realty firm with an authorized capital of BD2 billion and paid-up capital of BD350 million, which announced the launch of an initial public offering (IPO) to raise BD250 million in the initial stage and BD100 million toward end of 2009. The IPO will kick off on Nov. 18 and close Dec. 4, fetching BD150 million from founding shareholders and BD100 million from the public. Khalid Janahi, chairman of Ithmaar Bank, said that the company would be looking at reining in an additional BD100 million by the end of next year.