Aman Share Issue Oversubscribed

The initial public offering (IPO) of Aman, a newly set up Dubai Islamic insurance and reinsurance firm, was oversubscribed, announced Sultan Saeed Al Mansoori, head of the founders' committee and vice-chairman of Dubai Islamic Bank (DIB).

Subscription remained open to UAE nationals until October 31. Allotment of the 3.3 million shares (55 per cent of equity) will be announced on November 30.

Shares are sold at Dh10 each and in lots of 1,000 up to a maximum of 100,000 shares. A 30 fils per share charge is there to cover IPO expenses. Forms are available at all DIB branches, said Husein Mohammed Al Meeza, Aman IPO committee member and DIB executive director corporate banking.

"This is a great time to invest in the company and the insurance market and we are confident that those who will be granted shares Aman will see a return on their investments," Al Meeza added.