Foreigners can acquire up to 20% of Insurance House

27 Feb 2011

(MENAFN) Abu Dhabi’s Insurance House stated that it would permit foreigners to acquire up to 20 percent of the company’s capital after the planned initial public offering (IPO), reported emirates 24/7.

The company is offering USD18 million, or 55 percent of its capital, to nationals of the United Arab Emirates in the IPO which runs from February 27 to March 9.

Insurance House promoter, Finance House, would hold 36 percent of the company as part of the founders’ share which is 45 per cent of the capital.

It is worth noting that this IPO would be UAE’s first one in over two years.

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