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Ithmaar Bank selects Amwal as Qatar underwriter for IPO

This also marks Amwal's first of many steps towards a significant expansion plan in enhancing its regional presence. This agreement was signed by Shaikha Hanadi Nasser bin Khaled Al Thani, Vice Chairperson and Managing Director of Amwal, and Khalid Abdulla-Janahi, Chairman, Ithmaar Bank in the presence of Khaled Hassan Rashed, Director of Amwal, at a Press conference held on February7, 2006 in Bahrain.

Shaikha Hanadi said: "After executing several landmark transactions in Qatar over the past seven years and introducing new asset classes and innovative products to the Qatari market, Amwal has clearly demonstrated its leadership position in Investment Banking, Asset Management and Financial Planning in Qatar. Our mandate as the exclusive underwriter in Qatar for the Bahraini based Ithmaar Bank marks the successful rollout of our ambitious regional expansion plan."

Khaled Hassan Rashed, Director of Amwal said: "The Ithmaar IPO, one of the largest in Bahrain, will offer 150,000,000 shares at $ 2.25 per share, which in our opinion is a very conservative valuation."

"The bank's ambitious growth plans, competent management team, successful track record and time tested relationships will ensure its success and Amwal is extremely excited to be a member of the consortium chosen to underwrite this IPO."

Amwal will offer key investors comprising of high net worth individuals and institutions the opportunity to participate in the IPO of Ithmaar Bank.

The strategic partners include Shamil Bank as the Lead Issue Manager and Financial Advisor and KPMG as Co-financial Advisor.

The bank has also entered into agreements with Global Investment House (Kuwait), Amwal (Qatar), Abraaj Capital (UAE), BBK (Bahrain) and Bahrain Pension Fund appointing them as Underwrites to the IPO.