Abu Dhabi, February 5, 2011 – Insurance House, an Abu Dhabi based Insurance company, under establishment, announced that it will issue an Initial Public Offering (IPO), during the first quarter of 2011. Finance House, a leading Abu Dhabi based finance company, will be the principle founder with an approximate 40% share of the total capital of the company.
All regulatory approvals have been secured from the concerned authorities for the establishment of Insurance House, and the launch of the IPO.
The capital of the company is AED 120 million, the founder’s stake of AED 54 million, equal to 45 percent of the capital, was deposited in local banks, while the remaining 55 percent of the capital, i.e. AED 66 million, will be offered for public subscription.
Mohammed Abdulla Alqubaisi, Insurance House Founders Committee Chairman and Chairman of Finance House said: “The launch of Insurance House is another major milestone for Finance House as a group, and shall compliment our range of financial products and services”. “Insurance House shall be founded on the same principles of professionalism and hard work, which made Finance House a success story”, concluded Alqubaisi.