Abu Dhabi’s UNB says IPO for its Islamic insurer JV heavily oversubscribed
The shares were priced at $27.23 (100 dirham)each, plus 1 dirham as issuing expenses
Abu Dhabi’s Union National Bank (UNB) said on Thursday an initial public offer for its new Islamic insurer joint venture Orient UNB Takaful, was more than 13 times oversubscribed.
The IPO is set to be the first in the UAE since 2015.
UNB announced last November it was setting up the insurance venture with Orient Insurance Company, with the pair holding a 70 percent stake and the remaining 30 percent to be offered through an IPO.
The shares were priced at $27.23 (100 dirham)each, plus 1 dirham as issuing expenses, UNB said.
The IPO subscription was open from November 29 until December 15, 2016, it added.
A source said the listing would be completed within a few weeks.
Also Read
-
Four senior staff depart National Bank of Abu Dhabi – sources
Farewells ahead of a merger with FGB to create one of the MEA’s biggest banks Economy -
Abu Dhabi's UNB repays Dh1.7bn outstanding loan
Abu Dhabi's Union National Bank said on Wednesday that it had fully repaid an outstanding Dh1.7 billion ($462.8 million) loan to the United Arab ... Banking & Finance -
First Gulf Bank shareholders approve NBAD merger, says CEO
Merger will create one of the largest banks by assets in Middle East and Africa when completed in the first quarter of 2017 Economy -
UAE's NBAD group CEO steps down, acting replacement appointed
Abu Dhabi's largest lender slated to merge with First Gulf Bank by first quarter of 2017 Banking & Finance
