Dar Takaful, otherwise known as Takaful House, plans to list on the DFM later in July 2008. No trading symbol seen yet. No exact listing date given. See also Dar Takaful IPO.
Dow Jones 02 July 2008:
UAE's Dar Takaful To List Shares In Dubai This Month - Report
Dubai - The U.A.E.-based Dar Takaful expects to list its shares on the Dubai bourse this month, Dubai-based Al Khaleej daily reported citing Mohammad Musabah Al Neaimi, chairman of the founders committee.
The company approved Tuesday in its founding general assembly the proposal to allow foreigners living in the U.A.E. to own 25% of the company.
Dar Takaful provides Islamic general insurance and reinsurance services.
Secondary listings of foreign companies rarely trade on the DFM. There's little comparison between (KFIC) and (DARTAKAFUL).
What you could compare it to is the recent primary listings (all had IPO prices of AED 1 per share):
Methaq Takaful Insurance (METHAQ) - ADX listing 11 May 2008 price AED 2.44, now AED 7.61
Ajman Bank (AJMANBANK) DFM listing 20 June 2008 price AED 3.96, now 3.26.
Emarat Takaful (TAKAFUL-EM) - DFM listing 20 July 2008 price AED 4.46, now AED 4.01
What they all have in common is about AED 0.5-1.5 billion of share capital and no actual operations yet, as far as I know. So why are the prices so different? And so high?
shareboy wrote:
Also whats the meaning of pri. and sec. listing......
Primary - it's the first / main / only stock market a company lists on.
Secondary - the company is already listed on another stock market and this is an additional listing _________________ UAE IPO list | posting guidelines
There was some comment in the Takaful House IPO topic, but not much really. I guess for two reasons.
1. It's been done already with Methaq Takaful (METHAQ) and Emarat Takaful (TAKAFUL-EM), and there doesn't seem to be anything different about Takaful House (DARTAKAFUL)
2. There hasn't been that much in the way of news about the Takaful House IPO, and the prospectus was in Arabic only so it's not so easy to analyse unless you can read Arabic (I can only just barely recognise a financial statement so it takes me a while).
But, there is a press release this morning ... I see that Takaful House are a "leading provider of Takaful insurance" already . Funny, I didn't know they'd even started operations yet. I wonder what Salama (IAIC), and Dubai Islamic Insurance (AMAN) think about Takaful House now being a leading provider ...
Press Release 04 August 2008:
“Takaful House” debuts on Dubai Financial Market
DFM welcomes 63rd public joint stock company listing
Trading symbol “DARTAKAFUL” allotted
Classified within Insurance sector
Dubai: Dubai Financial Market (DFM) today announced the listing of Takaful House company (DARTAKAFUL), a leading provider of Takaful insurance based in the UAE. Company shares began trading on Monday, August 4, 2008, under the trading symbol “DARTAKAFUL,” which will appear on DFM screens, trading systems and publications.
The listing ceremony was attended by Mohammad Musabah Al Neaimi, chairman of Takaful House company; and Nasser Al Shaali, Board Member of Dubai Financial Market, along with senior members of DFM and Takaful House company.
The listing of ordinary shares of Takaful House company was finalised and approved by DFM in collaboration with the Emirates Securities and Commodities Authority (ESCA).
The company’s authorised capital and paid-up capital is AED100 million. The company has issued 100 million shares, with each share valued at a par value of AED 1.
Through an initial public offering (IPO) launched in July, the company offered 55 million shares for public acquisition, representing 55 per cent of the total capital for a nominal value of AED1 per share. In addition, non-GCC nationals can trade up to 25 per cent of the company shares.
“As the UAE’s premier bourse offering a state-of-the-art platform for listed companies, DFM was the first choice for Takaful House to offer its shares to the public,” Al Neaimi said. “Taking off from the success of the Islamic banking model in the UAE and the region, Takaful companies or Islamic insurers, are now well poised to achieve exceptional growth for investors looking to increase the value of their portfolios while reducing their exposure to risk. As an institution that is working towards becoming the region’s first Sharia-compliant financial exchange, we look at DFM as a long-term partner in our expansion and development.
“Takaful House is in a strong position to capitalise on the huge opportunities in the Islamic insurance sector and funds generated from the IPO will be used to execute the company’s expansion plans while delivering strong growth and stable returns to its investors,” he added.
Al Shaali said: “The UAE has emerged as the most appropriate environment to become a global capital for Islamic dealings and Takaful activities. In that sense, Takaful House’s entry into the Islamic insurance sector and IPO launch comes at an opportune time. The DFM continues to be the most preferred bourse for local companies looking to expand their capital and tap into the growing liquidity in DFM.
“Islamic companies have been well received by investors in Dubai and the UAE and the success of Takaful House’s IPO is a testament to the excellent appetite among DFM’s investors for Sharia-compliant businesses with strong growth potential. As the UAE’s leading bourse committed to becoming the region’s first Sharia-compliant exchange, such listings will provide more depth and diversification to the market’s offerings and further extend the ongoing success of the exchange.”
I tried to buy some Dar Takaful shares at price of 4.90 Dhs during pre-open trade but I couldn't get the shares and later it zoomed to 6.17Dhs.
Not very lucky.........
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. Funny, I didn't know they'd even started operations yet. I wonder what Salama (