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Article: Al Baraka to raise $100m capital through IPO for Syrian investors.
- Article from:
- Gulf News (United Arab Emirates)
- Article date:
- October 5, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dubai: Bahrain-based Al Baraka Banking Group BSC said Al Baraka Bank Syria shares were being offered to Syrian investors in an initial public offering (IPO) 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 ...