Al Salam Bank Bahrain Founders’ Committee has set Sunday 5th February, 2006 for starting IPO on 35% of shares with a value of BD 42 million which amounts to AED 420 million in the Kingdom of Bahrain and the United Arab Emirates.
The IPO comes after the establishment of the bank with a capital of BD 120 million, equal to AED 1 billion two hundred and twenty million. The founders' shares estimated 65%, almost BD 78 million, which equals to AED 780 million. The price of each share will be a total of 1 BD and 50 fils including registrations cost. In the UAE it will be priced at 10 AED and 29 fils including the cost of registration.
Mr. Mohammed Ali Al Abbar, Chairman of the Founders Committee, said: “Establishing the bank in the Kingdom of Bahrain comes as an effort to enhance the cooperation between Gulf States, a notion that is highly supported by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Prime Minister and Ruler of Dubai. The kingdom’s increasing importance as a banking and financial center in the region for banks and international financial establishments, mainly Islamic banks, is one of the main reasons that lead us to this investment by establishing Al Salam Bank in Bahrain. That, in addition to all the economic facilitations, made Bahrain an attractive investment center.”
“The remarkable support we received in the Kingdom has helped us to complete the necessary steps in establishing Al Salam Bank in Bahrain. I would like to thank H.H. the King, the government and the people of Bahrain, especially Bahrain’s Monitory Fund for their great support and the facilitations they have provided us during the establishment period. And now, the bank is ready to emerge and perform in the Banking sector in Bahrain” Al Abbar added.
It is worth mentioning that the main investors in Al Salam Bank in Bahrain are Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding, Lebanese Canadian Bank, Al Salam Bank in Sudan and Aman Insurance and Re-insurance Company in addition to a large number of establishments, companies and businessmen from Bahrain, UAE and KSA.
Mr. Hussein Mohammed Al Meeza – Vice Chairman of Founder Committee added: “With God’s assistance, the necessary procedures for starting the IPO had been accomplished and the banks which will undertake the IPO in Bahrain and UAE have been chosen. The IPO will be open for all nationalities and forms will be available on Sunday in all IPO centers. More details are also available on the website www.alsalambahrain.net. We are expecting outstanding success due to the great attention we have given to the logistics of the IPO”.
“Al Salam Bank will work on achieving strategic partnerships with companies and businessmen and is determined on contributing to the current development process in Bahrain and the Gulf. The bank will be equipped with all the necessary sources for the inauguration which comes as a result of the great efforts in studying and preparing for presenting the best Islamic banking products, especially when expectations are indicating that the market is entering a crucial development stage.” adds Al Meeza.
Furthermore, SICO had been appointed as the Lead Manager, Leader Capital as the Co-Lead Manager along with Deloitte as the Financial Advisors, Norton Rose as the Legal Advisor and KPMG as the Registrar. The IPO will be open in Bahrain for public in Al Ahli United Bank, Bahrain Islamic Bank and Bahrain and Kuwait Bank. In the UAE, in Dubai Bank, Abu Dhabi Islamic Bank and Union National Bank.
The bank looks forward to playing a leading role in the Islamic banking sector in Bahrain and the ME region by offering unique Islamic banking products and solutions designed by professional specialists in the field that is gaining wide preference among other banking activities in the region.
