Emirates and Sudan Bank will offload 25% equity via IPO 

Emirates and Sudan Bank (ESB), one of the biggest new Islamic financial institutions in Sudan, will launch a $28.5 million (Dh104.9 million) initial public offering (IPO).

Emirates and Sudan Bank (ESB), one of the biggest new Islamic financial institutions in Sudan, will launch a $28.5 million (Dh104.9 million) initial public offering (IPO).

The IPO represents 25 per cent of the bank’s paid-up capital.

ESB’s 28.5 million shares will be offered at a face value of $1 (Dh3.68) each.

The offer will be open for subscription by investors of all nationalities for one month starting May 15.

They will be able to subscribe through designated centres in the UAE and Sudan.

Following the IPO, ESB will become the largest capitalised bank in Sudan with a paid-up capital of $113.5 million (Dh417.7 million) and an authorised capital of $200 million (Dh736 million).

UAE Minister of State for Finance and Industry and Chairman of the ESB Founders Committee, Mohammad Khalfan Bin Kharbash, said: “The IPO follows completion of the bank’s private placement which closed at $85 million [Dh312.8 million] following an enthusiastic response from investors in Sudan and the UAE.

“Large institutions and Islamic banks from both countries have taken part in the private placement including Dubai Islamic Bank, Sharjah Islamic Bank, Abu Dhabi Islamic Bank and Islamic Development Bank.