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Founders' subscription for Al Noor Capital issue opens

DUBAI — Abu Dhabi-based Al Noor Capital has opened subscription for the founder's share in the Dh1 billion public shareholding company currently under formation. The last date for the founders' subscription is 20th June 2005.

The issue was cleared by the UAE Ministry of Economy and Planning on June 6. While the founders capital constitute Dh450 million, the remaining Dh550 million will be raised through an initial public offering. Subscription will be open to UAE nationals and foreigners from June 28 to July 21, and nine national banks will handle applications.

The founders are investors from the UAE, Kuwait and Qatar, in addition to a number of national investment companies such as Dubai Investment Co, Al Qudra Co, the UAE Financial Services Centre and the Indian company Sakshi, which specialises in financial brokerage in India have started applying for their stake in the new company.

While Emirates Financial Services is the Lead Manager for the IPO, the founding shareholders' subscription is available through First Gulf Bank, Abu Dhabi main branch and Emirates Bank Dubai main branch.

The subscription price for the issue is Dh1.02 per share comprising of par value of share of Dh1 per share and the offering costs of 2 fils per share.