Insurance House to launch IPO in Abu Dhabi - Finance House
Insurance House to launch IPO in Abu Dhabi
5th February 2011

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.

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