TNI shares in two tranches

DUBAI — The National Investor (TNI), the lead manager of the Dh900 million initial public offering of Aabar Petroleum Investments Company PJSC, announced that following the closure of the IPO, the 495 million shares offered to the public will be divided into two tranches, A and B.

By A Staff Reporter

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Published: Fri 1 Apr 2005, 10:54 AM

Last updated: Thu 2 Apr 2015, 3:56 PM

The Public subscription for the IPO will start on Saturday April 9 and will close on Thursday April21. The shares will be sold at a nominal value of Dh 1, with an additional 2 fils as subscription fees per share.

Tranche A will comprise 170 million shares which will be allocated equally among all individual subscribers (UAE nationals above 21 years).

The shares will be divided equally to all individual investors up to a maximum of 2000 shares per individual. If any shares remain un-allocated in Tranche A, they will be transferred to Tranche B.

Tranche B will consist of 325 million shares and will be allocated among UAE individuals and companies incorporated in the UAE and wholly owned by UAE nationals. Tranche B will be allocated on a pro-rata basis.

Individual investors can invest a minimum of 25,000 shares per person with subsequent increments of 5,000 shares on applications above the minimum amount.

As for companies, the minimum number of shares is 250,000 shares with subsequent increments of 25,000 shares on applications above the minimum amount.

Following the subscription process, Aabar will be listed on the Abu Dhabi Securities Market. Investors, whether individuals or companies, need to register at the Abu Dhabi Securities Market to be able to trade shares.

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