Emirates Takaful IPO or Takaful Al Emarat Insurance IPO?
Takaful Al Emarat Insurance is a new insurance company to be set up as a joint venture (JV) between Al Buhaira National Insurance Company (ABNIC) of Abu Dhabi, and Austrian based Uniqa Group. See also...
Foreign ownership limited to GCC nationals for IPO but ...
... after IPO up to 25% foreign ownership maybe?
Market for listing: unknown but will probably be Abu Dhabi Securities Market (ADSM) since ABNIC is already listed there. [edit] Listed on the DFM 20 July 2008, not ADX [/edit]
I saw a headline that the Emirates Takaful or Takaful al Emarat IPO was 50x oversubscribed, but I can't find a source, or more news about that. There's this from the Khaleej Times from last week.
Trading symbol could be (TAKAFUL) or (ETAKAFUL)?
Khaleej Times 01 April 2008:
Takaful Al Emarat IPO sees good response
By Haseeb Haider
There has been good response to Takaful Al Emarat's Dh150 million, initial public offering (IPO) which was offered on Saturday and will close for subscription on April 7.
Takaful's share capital of Dh150 million consists of 150 million shares, 20 per cent of which will be owned by Al Buhaira National Insurance Company (ABNIC), 15 per cent by UNIQA International Group,an Austrian Insurance and Reinsurance group, and 10 per cent by other strategic stakeholders with considerable Insurance sector experience.
The offering will comprise 82.5 million shares, representing 55 per cent of the issuers share capital. IPO subscription was launched on Saturday March 29, 2008 and will continue until Monday April 7, 2008.
The offering is open to UAE, GCC and Foreign investors. Each share is priced at Dh1.00 with subscription costs of Dh0.03 per share. Investors can subscribe to a minimum of 5,000 shares with additional subscriptions in multiples of 1,000 shares.
As per the UAE Companies Law, the allotment of shares will be based on a pro rata basis with at least 75 per cent allocated to UAE and GCC investors and 25 per cent to foreign investors. With the existing founders‚ contributions, a maximum of 15 million shares will be allocated to foreign institutional and retail investors. Final allocation and refund of excess subscriptions will take place on April 21.
National Bank of Abu Dhabi (NBAD) has been appointed as Financial Advisor, Lead Manager, Lead Receiving Bank for the Dh85 million Initial Public Offering (IPO) of Takaful Al Emarat Insurance (Takaful). "Since founders are keen to ensure that Takaful Al Emarat - insurance will stand out as a distinctive company operating in the UAE, GCC and all Islamic countries, the union of all parties concerned has been done through a rigorously conscious plan," said Nader T. Qaddumi, general manager of Al Buhaira National Insurance Company (ABNIC).
"UNIQA International Group had been selected in view of its extensive experience in the insurance business, and ability to provide optimal products and insurance packages supported by advanced IT applications.
The Geographical footprint of Takaful Al Emarat insurance will cover the Middle East and North Africa region as well as Islamic countries. Core branches will be established in the UAE, particularly in Dubai, Abu Dhabi and Sharjah," he added. "The selection of lead manager is critical to the success of the IPO and post listing price performance.
DFM: Announces to shareholders transferring the shares register of Takaful Emarat Insurance Co. at DFM starting from Thursday, 10 July 2008.
Presumably shares will start trading soon. The disclosure is in Arabic only. No wonder so many companies ignore the DFM request to provide disclosures in Arabic and English - if DFM don't do it themselves, why would other companies bother .
Anyway, I think it just says Emarat Takaful shareholders should transfer their shares from CDS to their broker if they want to sell them, and to get a DFM investor number if they haven't got one already.
Hello ranesha and welcome to the A-Mid-Summers-Night-Listing stock-forum, and thanks for the information .
ranesha wrote:
but there is no information on DFM website.
Now, why doesn't that surprise me ?
According to ESCA, the ticker is (TEI) but who knows what it will be. They said Methaq was (MTI) but the ADX uses (METHAQ). ESCA doesn't have a listing date, which sounds about right also .
Have updated Takaful Emarat information on SW with listing date.
Looks like the DFM is fighting with ESCA too now. ESCA has (TEI) as the stock ticker, DFM has (TAKAFUL-EM) - the ADX didn't like ESCA's symbol for Methaq when they listed. Seems to be a clumsy system.
And some outrageous prices in the trading queue. At 0930 in pre-order, there were orders for AED 7.30. They've dropped somewhat, to AED 5.50 ten minutes before trading opens.
Emarat Takaful / Emirates Takaful (TAKAFUL-EM) ended the day with last trade going through at AED 4.46 - a 346% increase on the par value of 1 dh per share.
Day high: 5.63
Day low: 4.01
Volume: 40,535,122 shares
Turnover: AED 199,155,731
No. of Trades: 1,425
Trading started at about AED 5.60 and gradually drifted down during the session with one sharp dip and slight recovery at about 12:30.
For comparison, the other overpriced insurance company that recently listed in Abu Dhabi (METHAQ), rose 0.76% to AED 7.64 with turnover of AED 175m today. _________________ UAE IPO list | posting guidelines
Hello fxuaefxglobal and welcome to the hope-we-strike-it-good stock forums. I see this was your first post so just wanted to say welcome . _________________ UAE IPO list | posting guidelines
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