Abu Dhabi’s Insurance House IPO raises USD18m

13 Mar 2011

(MENAFN) Abu Dhabi’s Insurance House chairman, Mohammed Al Qubaisi, stated that the company was able to secure USD18 million through an initial public offering (IPO), reported Arabian Business.

Al Qubaisi said that the IPO offered 55 percent of the company’s capital to Emeritis. He said that the promoter of Insurance House, Finance House, took over 45 percent of the capital as it subscribed to 36 percent of the company.

The chairman also stated that the company seeks foreign ownership of the company at up to twenty percent of its shares after listing in Abu Dhabi exchange.

It is worth noting that this IPO is the UAE’s first in two years, as the oil-rich country suffered from the negative impact of the global financial crisis, which left many companies struggling with debts and threats of bankruptcy.

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