I just heard on the radio the information that Al Madina for Finance and Investment (ALMADINA) will list on the DFM 11 September 2007. I think the information came from Zawya but haven't found anything I can post here yet.
No doubt it will be another one of those Kuwaiti companies that rarely or never trades in Dubai... _________________ UAE IPO list | posting guidelines
04/09/2007 DFM: Listing of Al-Madina for Finance and Investment (ALMADINA) and trading on its shares to commence 11 September 2007
And a press conference if you're so inclined...
Al Madina wrote:
Al Madina will conduct a press conference in Dubai financial market on Monday 10 September 2007 at 1 pm (12 am Kuwait time) on the occasion of listing Al Madina in Dubai financial market on Tuesday 11 September 2007.
11/09/2007 DFM: Listing of Al-Madina for Finance and Investment and trading on its shares commences today, 11 September 2007
And so far Al Madina Finance (ALMADINA) have had a busy day. AED 4.5m dhs worth of trading from 65 trades, volume about 430,000 shares after 1 hour of trading at 11am. Surprising .
Much more active than the other Kuwaiti companies that listed this week - Gulf Petroleum Investments (GPI) yesterday, and International Investment Group (IIG) on Sunday. _________________ UAE IPO list | posting guidelines
Al Madina Finance and Investment Co debuts on the Dubai Financial Market
The Dubai Financial Market (DFM) has announced the listing of Al Madina Finance and Investment Company (ALMADINA), incorporated in Kuwait.
Company shares begin trading on Tuesday (September 11, 2007) under the trading symbol 'ALMADINA,' which will appear on DFM screens, trading systems and publications.
The listing of ordinary shares of Al Madina Finance and Investment Company was finalised and approved by the DFM in collaboration with the Emirates Securities and Commodities Authority.
Ownership of the company's shares is available to Kuwaiti nationals up to 100 per cent, while GCC nationals and foreigners are allowed to own company shares at a maximum of 49 per cent.
The company's authorised capital is KD 17.5 million while its paid-up capital is KD 17.5 million. The company has issued 17.5 million shares, with each share valued at a par value KD 100 Fils.
Essa Kazim, Chairman of DFM, said: 'We welcome Al Madina Finance and Investment Company to the DFM and wish them a fruitful presence here. This new listing is another vote of confidence from a well established and profitable growth stock in the opportunities that DFM brings to the table. With a world-class systems and process DFM is able to attract not just UAE based companies but companies from across the GCC.'
Khaled Yaqoob Al-Mutawa, Chairman of Al Madina Finance and Investment Company, said: 'It is an honor for our company to list on DFM. The objective from listing the company's shares on DFM is based on strategic and long term plans and not on short term basis. This decision came in compliance with the company's strategy that aims to expand, grow and achieve sustainable benefits for Al Madina Finance and Investment Company shareholders.'
The company's net profit reached KD 4.5 million by end of September, 2006, while total assets reached KD 54.7 million by end of September, 2006.
About Al Madina Finance & Investment Co
Al Madina Finance & Investment Co. Kuwaiti stock company closed. Was established in 1980 under the name Modern Printing Press K.S.C.C with capital of KD 600,000. in January 2005, the company's name was changed to Al Madina and the capital of the company was increased to become KD 15,000,000 distributing among 15,000,000 shares, as Islamic company practicing its activities in accordance with the provision od Islamic Low ( Shari'a ). The scope of the activities of the company includes; "Igara", finance, commercial deals, financing real estate activites and investment.
The company practices its activities in Kuwait and GCC countries and gives special attention to the opportunities available in different fields. MFICO seeks always to expand and vary its activities to involve the areas of education services, environment, real estate, development and various logistics services because of their importance in developing our community and the proper building of our economic. This through utilization the experience of the members of our board of directors and their abilities and readiness to capture the available investment opportunities including investment, housing finance, financing consumption loans, real estate development, consumption products, cement and construction materials.
The strategy of the company is based on being fully dependent on our distinctive human resources of directors, consultants and employees to meet the highly developed open markets by the use of new financing programs in compliance wit the provision of Islamic Law supported by integrated flexible IT system.
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