Al Baraka Syria unit IPO opens.(Dateline: Manama ) Bahrain-based Al Baraka Banking Group will launch a $100 million initial public offer (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) for its Syrian unit today. Group president and chief executive Adnan Yousif said that the launching of Al Baraka Bank Syria with a capital of $100 million reflects our full confidence in our abilities and financial position to proceed with the implementation of the plans to expand our geographical network through the setting up of new banking units and the opening of more branches for the existing units. The Al Baraka Bank Syria shares will be offered to Syrian investors from today until November 4. The capital of Al Baraka Bank Syria will be five billion Syrian pounds ($100 million). Promoters have subscribed to 65 per cent of the capital (6.50 million shares amounting to 3.25 billion pounds) of which 50 per cent, amounting to 1.625 billion pounds, has already been paid. The shares that will be offered for public subscription will amount to 3.50 million shares with a value of 1.750 billion pounds representing 35 per cent of the bank's capital. The issue price is 500 pounds per share and the subscribing shareholders will be required, upon subscription, to pay 50 per cent of the nominal value Nominal Value The stated value of an issued security that remains fixed, as opposed to its market value, which fluctuates. Notes: When referring to fixed-income securities, the nominal value is also the face value. of the share, and the remainder of the subscription amount within a period not exceeding three years from the date on which the bank commences its operations. The IPO will be managed by Banque Bemo Saudi Fransi, Syria International Islamic Bank, Arab Bank The Arab Bank, formed in 1930, is a prominent financial institution in the Arab world, with 400 branches and offices in 25 countries.[1] Its parent company is Arab Bank plc incorporated in Amman, Jordan, where its headquarters are also located. (Syria) and the Commercial Bank of Syria The Commercial Bank of Syria is a commercial bank with its General Administration office located in Damascus. The bank offers commercial banking services including long-term loans in Syrian pounds; armored car service; and collections services. . Yousif said that Al Baraka Bank Syria, which we hope will begin its operations during this year, will offer all Islamic banking Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. products and services to both individuals and corporate customers through a network of branches that will cover all of the main cities in Syria Syria has fourteen governorates, or muhafazat (singular: muhafazah). According to the Central Bureau of Statistics of Syria, there are sixty districts, or manatiq (sing. . He said that the Syrian market was witnessing significant growth because of the continuing economic reforms which resulted in the liberalisation n. 1. Same as liberalization. Noun 1. liberalisation - the act of making less strict liberalization, relaxation alleviation, easement, easing, relief - the act of reducing something unpleasant (as pain or annoyance); "he asked the nurse of the regulations governing investments by local private sector and foreign investors. He also said that substantial amounts of money were flowing into many infrastructures, industrial, commercial and service sectors and projects and this would create good opportunities to banks and investors which in turn would make the Syrian market an attractive destination for investors including a number of foreign banking institutions. However, what makes Al Baraka Bank Syria different from other banks is that it is committed to providing services and products that comply fully with the Sharia principles. The bank will also be strongly supported by the vast banking expertise of the group as well as its strong financial resources and technical capabilities. Yousif thanked the Central Bank of Bahrain The Central Bank of Bahrain was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. As per Decree No. and the regulatory and monetary authorities in Syria for their support and facilities that they extended to the group and to Al Baraka Bank Syria, which again highlights their keen interest in supporting Arab banking Arab Banking Corporation was incorporated as a Bahrain joint stock company on January 17, 1980 through a special decree by the Amir of Bahrain. It obtained an offshore banking unit licence from the Bahrain Monetary Agency on April 7, 1980, and began operations in the same month. institutions and joint Arab banking businesses.- TradeArabia News Service Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion