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Wed 10 Sep 2014 11:45 AM

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Emaar Malls IPO shares to be sold through ATMs

Emirates NBD customers will be able to buy a minimum of $2,722 using their bank cards

Emaar Malls IPO shares to be sold through ATMs
Image for illustrative purposes only.

Emirates NBD customers will be able to buy shares in Emaar Malls Group through the bank’s ATMs, according to a report in The National newspaper.

Emaar Properties will launch the initial public offer of its shopping malls and retailing unit on September 14, and will list the subsidiary on Dubai's main stock market on October 2.

The offer is expected to be one of the largest equity sales in the Middle East since 2008, underlining Dubai's recovery from a credit crisis that forced many state-linked developers to stall projects, and some to restructure debt.

The National reports that Emirates NBD, one of the lead receiving banks for the offer, is planning the ATM initiative – believed to be the first of its type in the world - in cooperation with Dubai Financial Market.

In order to make a purchase on via the bank’s ATM, a potential investor must have an account with the bank and hold a National Investor Number (NIN) card, which is issued by DFM. A minimum investment of AED10,000 ($2,722) is required in order to buy shares, the report said.

“You put in your cash card, press the IPO option, and up comes Emaar Malls. Say how much you would like of the shares, by value, not number, and confirm your NIN. You just make a choice on the amount you want to invest,” an Emirates NBD spokesperson was quoted as saying.

“This hasn’t been done anywhere else in the world as far as I know, but actually the technology is pretty simple,” he added.

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Aziz 5 years ago

It has been around for years, at least in Saudi Arabia for what I know.. not 'the first in the world'.