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AMAN IPO starts from May 25 to increase capital to Dh200m

DUBAI — The Aman Board of Directors have set final date for the IPO to be on May 25, 2006 in an effort to increase the capital from Dh60 million to Dh200 million without any subscription fees.

This will be done through offering 14 million shares worth Dh10 each.

Announcements and sending invitations to shareholders will continue for a month starting from May 25 till June 24, where the IPO will take place in Dubai Islamic Bank, taking into account that the subscription will allow for one payment only.

AMAN's net profits for 2005 rose by 865 per cent to Dh82.04 million from Dh8.5 million in the 2004 financial year. The company's investment earnings increased 112 per cent to Dh144.08 million the previous year.

Furthermore, the company's assets grew by 134 per cent to Dh246 million compared to Dh105 million the previous year. The value of Insurance premiums paid increased by 77.5 per cent to Dh95 million.

Hussain Al Meeza, Managing Director of AMAN, said: Our impressive financial results for the year

2005 has stemmed from our significant achievements during the year. The Company has launched several Sharaih compliant insurance and comprehensive health care services; it has also signed many strategic alliances with elite local, regional, and international partners to extend its suite of products and services. Under the visionary and aggressive leadership of our Board and dedicated operations of our highly qualified employees, we believe Aman is poised to reach more milestones in future."