Alizz Islamic Bank SAOG (under formation) will launch its initial public offering of 400,000,000 shares on Sept. 22, 2012, following the administrative decision of the Capital Market Authority of Oman approving the prospectus for the IPO. Alizz Islamic Bank is promoted by Huriah Company LLC owned by Sayyid As'ad bin Tarik Al Said, Aabar Investments PJS which is 95 percent owned by the International Petroleum Investment Company of Abu Dhabi, First Energy Oman, wholly owned subsidiary of First Energy Bank B.S.C. Bahrain and Tasameem Real Estate Company LLC, an investment company headquartered in the UAE. Alizz Islamic Bank will be constituted on completion of the IPO with a paid up share capital of RO100 million. The offer proceeds along with the promoters' capital will be used as Tier 1 capital of Alizz Islamic Bank and will fund pre-commercial launch operating costs and initial operations, until such time as Alizz Islamic Bank's cash flows are sufficient to meet these expenses. The offer price for each share has been fixed at Bzs102, which comprises the nominal value of Bzs100 per share and a Bzs 2 per share contribution towards the issue expenses of the IPO. The IPO has been fully underwritten, at the offer price of Bzs 102 per share, by seven banks and investment companies in Oman comprising Bank Muscat, Ahli Bank, Bank Dhofar, Bank Sohar, The Financial Corporation Company, United Securities and Gulf Baader Capital Markets. – SG
