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UAE Ministry of Finance takes Air Arabia Stake

The UAE Ministry of Finance and Industry has subscribed to five per cent of the shares offered in Air Arabia’s Initial Public Offering (IPO). The move, which comes in accordance with the Council of Ministers’ resolution number 8 of 2006, was welcomed by both Air Arabia and Shuaa Capital, who saw it as an expression of confidence on the part of the ministry in the offering and the company.

In addition, the fact that the ministry’s investment came early, on the fourth day of subscription, is a confirmation of the bullish demand for the offering, they said. The Ministry of Finance will be allocated the full percentage prior to the allocation of shares among subscribers. The five per cent of shares subscribed to by the Ministry, the maximum allowed to it under the law, will be deducted from the 2,116,700,000 shares of the second tranche.

Shuaa Capital is the Lead Manager, Financial Advisor and Bookrunner for the Air Arabia IPO.-(via TradeArabia News Service) endpost

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