Press Releases

Abu Dhabi, February 27, 2011 – On the first day of Insurance House’s IPO, which began ‎today, and ‎continues until 9 March, 2011, all the IPO participating ‎banks across ‎the UAE have witnessed a promising demand.‎ Majd Maayta, Director of Securities Services at the ‎National Bank of ‎Abu Dhabi said: "On the first day of ‎the IPO of the new company, the ‎offer was ‎well received by the UAE Nationals, where we have received ‎several ‎requests from investors interested in participating". ‎

Maayta added: "Today, the majority of the requests for ‎subscription as ‎a whole were at the minimum prerequisite which is ‎AED 25,000. While ‎it might be well known that usually, the early days of ‎IPOs do not ‎witness significant investments, but it ‎seems that there is a good level ‎of interest among ‎individuals and companies to subscribe to the shares ‎of ‎Insurance House. I expect the number and amount ‎of subscriptions ‎to keep increasing through out the next few days in order for it to ‎reach its peak during the last days of the IPO".‎ The AED 66 Million IPO, which closes on 9 March, 2011, consists ‎of 55 ‎per cent of the Company's authorized share capital of ‎AED 120 Million. ‎The shares will be listed on Abu Dhabi ‎Stock Exchange (ADX), and ‎further announcement will be made ‎to confirm the listing date. Once ‎listed, the company will ‎immediately open up its shareholding to ‎foreign ownership, ‎to the extent of 20% of the Company’s paid up ‎equity share ‎capital.‎ The four participating banks, Mashreq Bank, National Bank of Abu ‎Dhabi, National bank of Fujairah, and Finance House, will have a ‎network of ‎branches spread strategically approach across the UAE, ‎‎allowing maximum exposure.

A full prospectus providing full ‎details of ‎the IPO and the company, as well as a summary ‎document and ‎subscription application forms can be ‎collected from the four receiving ‎financial institutions, ‎and further details about the IPO are available on ‎‎Insurance House website “www.insurancehouse.ae”.‎