Bank will be dual listed in Bahrain and on DIFX
Bahrain-based Al Baraka Banking Group has listed simultaneously on the Dubai International Financial Exchange (DIFX) and Bahrain Stock Exchange. This makes it the first Bahraini company and the first regional Islamic bank to list on the DIFX.
ABG has authorised capital of US$ 1.5 billion, equity of more than US$ 900 million and total assets exceeding US$ 6.3 billion. It is a player in the fields of retail, corporate and investment banking with operations in ten countries. The bank’s listing on September 4 followed an initial public offering in June.
Adnan Ahmed Yousif, CEO of the bank, said: “This is a historic day for Al Baraka. Our share offering met with an overwhelming response from leading institutions and investors from across the region. “The IPO of ABG consisted of 188.9 million shares, of which 120 million new shares represented an increase in capital of US$ 370 million at the IPO issue price of US $3.08 per share. The new capital was fully subscribed to and the offer period closed successfully on 15 June 2006. ABG plans to use the proceeds raised from its IPO to finance its aggressive international expansion plans in addition to strengthening its position in the domestic market and regional markets where it is present.”
Looking ahead, Yousif said that bank aims to increases the capital resources available to subsidiaries and expand into new geographies.
Nasser Alsha’ali, chief operating officer of the DIFX, said: “We are delighted to welcome ABG as the first company from Bahrain to list on the DIFX. ABG will benefit from its participation in one of the world’s leading regulatory and corporate governance environments. This IPO by a prominent regional company further demonstrates the stature of the DIFX as the region’s international exchange.”