ESKAN BANK REIT IPO EXCEEDS 95% PER CENT SUBSCRIPTION RATE

Manama, Kingdom of Bahrain – 7 December 2016:  Eskan Bank and Securities & Investment Company (SICO) announced today the subscription results and allotment basis of the initial public offering (IPO) of the BD 19,800,000 Eskan Bank Realty Income Trust (REIT).  The IPO offered 144,394,499 units of the total 198,000,000 units in issuance at an offer price of BD 0.100 units, totalling BD 14.4 million (US$ 38.2mn).  The IPO opened on 22 November and closed on 6 December 2016.  SICO is the mandated lead manager for the IPO as well as the REIT’s sub-investment manager and market maker.

The IPO achieved a 95.5 % per cent subscription level, with total subscriptions from eligible applicants amounting to BD 13.8 million (US$ 36.6 mn), representing 137,863,559 units at BD 0.100 per unit.

The full press release in English & Arabic can be downloaded here .