MUSCAT — alizz islamic bank SAOG announced that the Initial Public Offering of RO 40.8 million was successful and oversubscribed.
Category 1 investors who had applied for up to 100,000 shares have been allotted 100 per cent of their application amounts. Category 2 investors who had applied for more than 100,100 shares have been allotted 83.95 per cent of their application amounts. Category 2 investors have had their respective refunds processed on 25 October 2012.
The constitutive general meeting of the bank is planned to be held on November 20, 2012.Trading of the bank’s shares on the Muscat Securities Market is expected to commence by December 3, 2012.
Speaking on behalf of the Promoters of alizz islamic bank, His Highness Sayyid Taimur bin As’ad al Said, representing Huriah Company said: “The successful completion of the alizz islamic bank IPO reflects strong investor interest in Islamic banking, the strength and experience of the promoters and the conservative business plan of the Bank. The IPO is a demonstration of the progressive business environment fostered by the Government of Oman in line with the vision of His Majesty Sultan Qaboos bin Said. We would particularly like to thank the Capital Markets Authority and the Central Bank of Oman for their support and guidance.”
CEO of aabar Investments Mohamed Badawy al Husseiny said: “alizz islamic bank represents one of aabar’s largest investments in the GCC. We are excited about the opportunity given the significant demand expected for Islamic banking services. We have highly experienced partners and together are committed to the success of the Bank based on delivery of best of breed banking solutions”.