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listed on ADX
(Staff Report) / 15 November 2011
ABU DHABI - Shares of National Takaful Company or Watania were listed on the Abu Dhabi Securities Exchange, or ADX, on Monday.
Watania is the 17th insurance company to be enlisted on the bourse out of total 67 companies. Watania’s Initial Public Offering of Dh82.5 million launched in May this year proved highly successful, being oversubscribed seven fold to Dh620 million.
Shares closed at a price of Dh1.13 a share after opening at Dh1.08 a share. A total of 1.43534 million shares valuing Dh1.62 million changed hands on the first day. Saif Sayah Al Mansouri, Head of Listed Companies Department, Abu Dhabi Securities Exchange said new IPOs offer a channel for local and foreign investors to inject capital into the local market and represent an important step towards the realisation of ‘Abu Dhabi Vision 2030’.
The growing number of companies offering their shares to be publicly traded is a clear vote of confidence for ADX and its adoption of internationally compatible standards and best stock market practices, he said.
Aref Ismail Al Khouri, Chairman of Watania said, “We expect this step to contribute to the success of both parties.” Watania’s founding shareholders are among Abu Dhabi’s leading institutions across key industries.
Al Khouri continued: “Watania’s main facility has already opened in Abu Dhabi and we are witnessing a very healthy interest in our suite of sharaia’a compliant insurance products. Our team is well positioned to meet the demands of the market.”
The past few years have witnessed a steady growth in the UAE’s Takaful market due to growing demand for sharia’a -compliant insurance products.
Watania is the 10th Takaful Company to be listed on local stock markets in the UAE.
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