Dubai – Mubasher: Orient UNB Takaful will launch initial public offering (IPO) from 29 November to 15 December, according to a press release.

The company will list its shares on the Dubai Financial Market (DFM) within one month of the announcement date of its incorporation.

Union National Bank (UNB) will act as the lead manager, while Talal Abu-Ghazaleh & Co. International will be the IPO auditor and responsible for preparing a feasibility study.

The pair will hold a 70% stake or 1.4 million shares in the new company.

The newly established firm’s capital amounts to AED 200 million, distributed on 2 million shares at AED 100 per share.

Orient Insurance Company will own 34.5% stake or 697,000 shares in the new firm, while UNB will acquire 35% or 700,000 shares.