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Sat 26 Feb 2011 05:06 PM

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Abu Dhabi's Insurance House to offer foreigners 20% in listing

Firm plans to hold UAE's first public offering in more than two years, 55% of capital to be offered to nationals

Abu Dhabi's Insurance House to offer foreigners 20% in listing
IPO LISTING: Insurance House is offering 55 percent of its capital to nationals of the UAE in the IPO (Getty Images)

Abu Dhabi's Insurance House, which is to hold UAE's first public offering in more than two years, will allow up to 20 percent of its capital to be held by foreigners after its listing, the company said on Saturday.

Insurance House is offering 66m dirhams ($18m) or 55 percent of its capital to nationals of the UAE in the IPO which runs from Feb 27 to March 9.

"Once listed, the company will immediately open up its shareholding to foreign ownership to the extent of 20 percent of the company's paid up equity share capital," Insurance House said in a statement.

The date of the listing on the Abu Dhabi bourse is yet to be announced.

UAE nationals, UAE private and public entities and federal and local government entities can subscribe.

Mashreq is the lead receiving bank. The other participating lenders are National Bank of Abu Dhabi, National Bank of Fujairah and Finance House.

Finance House, the promoter of Insurance House, will hold 36 percent of the company as part of the founders' share which is 45 percent of the capital.

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