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Tamweel refunds oversubscribed shares

DUBAI — After a very successful IPO which was oversubscribed 485 times, Tamweel — Dubai's leading provider of innovative home finance products and services — has announced that it has already returned the entire surplus subscription amount.

Tamweel PJSC under incorporation and TNI, the lead manager and book runner for the IPO, had already instructed the banks to refund the surplus subscription amount by the promised due date of March 28. The company official said that by March 29, more than 98 per cent of the oversubscribed amount had already been dispatched.

Company official further added, "We strongly believe in keeping our commitment to our investors and hence most of our investors received their refunds on time. However the problem with delay in receiving refund cheques has occurred due to errors with receiving banks, which constitute less than 2 per cent of the total subscribers. Tamweel and TNI have been working closely with banks in order to solve subscribers delay and dispatch investors refund cheque on time.

Yesterday many of these pending refund cheques with banks have reached the investors mail. Tamweel has urged the investors to communicate with their banks for their cheques, as the float amount will not be received by Tamweel except after the first Assembly General Meeting scheduled for 22nd of April, 2006 in the Royal Mirage.