Insurance House plans $18m IPO in Q1
Abu Dhabi, February 5, 2011
Insurance House, an Abu Dhabi-based insurance company, aims to raise Dh66 million ($17.9 million) through an initial public offering during the first quarter of the year.
Finance House, a leading Abu Dhabi based finance company, will be the principle founder with an approximate 40 per cent share of the total capital of the company.
All regulatory approvals have been secured from the concerned authorities for the establishment of Insurance House, and the launch of the IPO, said a company statement.
The capital of the company is Dh120 million, the founder’s stake of Dh54 million, equal to 45 per cent of the capital, was deposited in local banks, while the remaining 55 percent of the capital, Dh66 million, will be offered for public subscription.
Mohammed Abdulla Alqubaisi, chairman of Insurance House Founders Committee chairman and Finance House said, “The launch of Insurance House is another major milestone for Finance House as a group, and shall compliment our range of financial products and services.”
“Insurance House shall be founded on the same principles of professionalism and hard work, which made Finance House a success story,” he added.-TradeArabia News Service