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Sat 4 Dec 2004 04:00 AM

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Property IPO attracts over US $102 billion

Al Dar's AED 825 million issue oversubscribed 453 times

An initial public offering of shares by Abu Dhabi-based Al Dar Real Estate is reported to have attracted subscriptions worth more than AED 377.6 billion (US $102 billion.) Al Dar Real Estate’s founding committee claimed an oversubscription of 453 times the number of shares that were floated. The original offer was for shares worth AED 825 million.

A company statement carried by Emirates News Agency said the AED 377.6 billion figure represents just the initial subscriptions. It does not include cheques that have not yet been cleared or subscriptions that will be declared void for not meeting all the necessary conditions. The public joint stock company is under establishment.

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