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Emirates and Sudan Bank IPO to close today

DUBAI — Emirates and Sudan Bank (ESB) $28.5 million Initial Public Offering (IPO) closes today. ESB, the largest of the new Islamic financial institutions to be established in Sudan, has witnessed an overwhelming response to its IPO from investors in the UAE, GCC states, Sudan, national and expatriate UAE residents, as well as corporations.

”The IPO has been a major success attracting investors from the UAE, Sudan, and entire Gulf region. The response exceeded our most optimistic expectations and we are thankful for the continuing support of the investor community. The offering is another demonstration of confidence in the attractiveness of Sudan as an investment destination,” said an official at ESB steering committee.

The offer represents 25 per cent of the bank's paid-up capital. Following the IPO, ESB will become the largest capitalised bank in Sudan with a paid-up capital of $113.5 million and an authorised capital of $200 million. Investors in the GCC, Yemen and Jordan may continue to purchase shares in the IPO up to and including the closing date on June 15. The value of each share is $1 and companies and individuals of all nationalities can participate in this offering.