Takaful al-Emarat to list shares in Abu Dhabi

31 March 2008
UAE-based Islamic insurer Takaful al-Emarat is planning to raise $23m in a flotation of 55 per cent of its shares on the Abu Dhabi Securities Market (ADSM).

The initial public offering (IPO) is being run by the National Bank of Abu Dhabi and is open to UAE, GCC and foreign investors. It will close on 7 April.

At least 75 per cent of the floated shares will be reserved for UAE and GCC nationals, with the rest going to foreign investors.

Takaful al-Emarat, which specialises in life and health insurance, was only established in early March by Austrian insurance group Uniqa, and local property and health insurance firm Al-Buhaira.

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