Aabar IPO subscription extended

ABU DHABI — The public subscription for shares in Aabar Petroleum Investments Company (Aabar), which was scheduled to close on April 21, has been extended to April 23.

By A Staff Reporter

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Published: Tue 19 Apr 2005, 10:39 AM

Last updated: Thu 2 Apr 2015, 4:07 PM

The subscription for the issue opened on April 9. The original closing date for subscriptions coincides with an Islamic holiday.

Aabar's shares will be listed on the Abu Dhabi Securities Market. The Initial Public Offering (IPO) is open to all UAE nationals over 21 years of age and to UAE companies. Subscribers can receive application details and prospectus which are available free of charge from five local banks in the UAE; First Gulf Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, InvestBank and Finance House.

“We have received many applications for shares. Following the closure of the subscription period, we will begin the allocation process and investors will be informed if their application has been successful and of the number of shares they were allocated,” said Khaled Fouad, Vice-President, Investment Banking, The National Investor.

With Dh495 million shares to be allocated, the Aabar IPO will feature a two-tranche allocation structure. Tranche A, comprising 170 million shares, which will be allocated equally among all individual subscribers. Tranche B will consist of 325 million shares and will be allocated among UAE individuals and companies incorporated in the UAE and wholly owned by UAE nationals. Tranche B will be allocated on a pro-rata basis. The minimum subscription amount is 25,000 shares for individuals and 250,000 for companies. The shares are open at a nominal value of AED 1, with an additional 2-fils as subscription fees per share.

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