Amlak to pay back excess money raised

DUBAI - Amlak Finance, the region's premier property finance company, has announced that starting February 21, it will pay back to investors the excess money raised from last month's Initial Public Offering (IPO). The return of the excess monies is being done before the legal time frame of one month from the date of closing of the IPO.

By A Staff Reporter

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Published: Mon 16 Feb 2004, 11:55 AM

Last updated: Thu 2 Apr 2015, 11:52 AM

The Founders Committee of Amlak explained: "Having raised the desired equity of Dh412.5 million through its maiden IPO, the company will now return the extra-share allotment money to investors, starting February 21. Cheques will be issued to all investors and sent by mail to the addresses written on the subscription applications. Due to the overwhelming response and a slight adjustment in the share allotment ratio based on the final report from the subscription banks, the company will issue 2.99 per cent shares to all investors."

The Committee also added that Amlak would be listed on the Dubai Financial Market (DFM) after the Annual General Meeting that is scheduled for March. A total number of 17,241 investors subscribed to the IPO with 64 per cent of the subscribers being UAE nationals, 31 per cent being AGCC nationals and 5 per cent being expatriates resident in the UAE.

Amlak Finance will send a notification to subscribers informing them about their individual share allotment. The Receiving Banks will return the excess monies to subscribers and the notification and refund process will be completed.

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