Middle East Economic Survey

VOL. XLVIII

No 6

07-February-2005

SYRIA

Syria Arab Bank Launches S365Mn IPO

The Syria Arab Bank (Syria AB) is launching a S365mn ($7mn) initial public offering (IPO). The equivalent of 730,000 shares (24.33% of the banks start-up capital which amounts to S1.5bn or $28.9mn) will be offered to the Syrian public at a face value of S500 ($9.6) per share. Minimum subscription is 10 shares and in multiples of 10 thereof, while maximum subscription is 150,000 shares (5% of the...