26 November, 2009 - Danascus, Syria
Bemo Saudi Fransi Finance (BSFF) announced that it has successfuly closed AlBaraka Bank-Syria’s Initial Public Offering (IPO) of 35% of the new Bank’s SYP 5 Billion capital (approximately USD 105 million). The offering which was targeted to raise SYP 1.75 billion (approximately USD 37 million) through the issuance of 3.5 million shares at the nominal value of SYP 500 per share has gathered over 7,495,353,000 SYP (approximately USD 163 million) representing subscription coverage of 428.31%.
Led by Bahrain based AlBaraka Banking Group, the founders of AlBaraka Bank-Syria includes prominent Syrian and non-Syrian individual and institutional investors, whom have collectively contributed 65% of the company's capital or SYP 3.25 Billion (approximately USD 69 million). AlBaraka Bank-Syria was licensed by the Syrian Council of Ministers on June 28, 2007 as the third Islamic Bank in Syria.
As Lead IPO Manager, BSFF acted as the main liaison between AlBaraka Bank-Syria, the Syrian Commission on Financial Markets & Securities (SCFMS) and the participating receiving banks.