Al Baraka to raise $100m capital through IPO for Syrian investors.Dubai: Bahrain-based Al Baraka Banking Group BSC (Binary Synchronous Communications) See bisync. said Al Baraka Bank Syria shares were being offered to Syrian investors in an initial public offering (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. ) that started on Sunday. The IPO will end on November 4. Al Baraka Bank Syria capital will be five billion Syrian pounds ($100 million). Promoters have subscribed to 65 per cent of the capital, which amounts to 6.5 million shares worth 3.25 billion Syrian pounds (Dh259.2 million). Of this, 50 per cent of shares valued at 1.625 billion Syrian pounds have already been paid. The shares that will be offered under the IPO are 3.5 million shares with a value of 1.75 billion Syrian pounds and representing 35 per cent of the bank's capital. The issue price is 500 Syrian 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 within a period not exceeding three years from the date on which the bank commences its operations. The IPO is for Syrian investors only because the foreign ownership stake has already been fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of by the promoters. The IPO process will be managed by Banque Bemo Saudi Fransi, Syria International Islamic Bank, Arab Bank (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. . Adnan Ahmad Yousuf, member of the board of directors and president and chief executive of Al Baraka Banking Group, said: "[The] launch 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 that we set early this year in expanding our geographical network through the establishment of new banking units and the opening of more branches for the existing units." Al Nisr Publishing Al Nisr Publishing is a company based in Dubai, UAE. The company is a part of Al Tayer Group. It was established in 1985 by Obaid Humaid Al Tayer, Abdullah Al Rostamani and Juma Al Majid. It employs 1,050 people and has branches in Manilla, Bahrain, Abu Dhabi and Sharjah. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control 2009. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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