DUBAI Jan 12 Abu Dhabi's Union National Bank
(UNB) said on Thursday an initial public offer for its
new Islamic insurer joint venture Orient UNB Takaful, was more
than 13 times oversubscribed.
The IPO is set to be the first in the United Arab Emirates
UNB announced last November it was setting up the insurance
venture with Orient Insurance Company, with the pair
holding a 70 percent stake and the remaining 30 percent to be
offered through an IPO.
The shares were priced at 100 dirham ($27.23) each, plus 1
dirham as issuing expenses, UNB said. The IPO subscription was
open from Nov. 29 until Dec. 15, 2016, it added.
A source said the listing would be completed within a few
($1 = 3.6726 UAE dirham)
(Reporting by Tom Arnold; Editing by Alexandra Hudson)