Gulf investors like Al-Salam

28 November 2004
The initial public offering (IPO) of a 25 per cent stake in Sudan's Al-Salam Bankclosed 65 per cent oversubscribed on 22 November. A total of $31 million was bid against the $18.8 million worth of shares tendered. It is understood that the deal will not be upsized and that founding shareholders will cover the remaining $56.3 million of start-up capital. Al-Salam Bank will be a sharia-compliant bank and, when fully paid in, its capital base of $75 million will be the largest of any bank operating in Sudan (MEED 30:7:04).

The founding shareholders include Dubai's Investment Office, Dubai-based Amlak Finance, Lebanese Canadian Bankand Khartoum. The founders' council includes Emaar chairman and director-general of Dubai's Department of Economic Development Mohammed Alabbar, and Hussein al-Meeza, chairman of the Bahrain-based Liquidity Management Centre.

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