Al Rayan gets approval to launch IPO

Abu Dhabi: Al Rayan Investment, which invests in real estate and industry in the UAE, said yesterday it won shareholder approval to sell stock to the public for the first time to finance expansion.

"We have a strong pipe-line of interesting projects presently that requires additional capital," Fardan Hasan Al Fardan, chairman of Al Rayan said after the company's annual general meeting in Abu Dhabi.

"We plan to launch the IPO, possibly by the end of 2008 or early 2009," Fardan said.

"The percentage of shares that will be offered to the public will depend on the time of the year and the new law that may allow us to offer 30 per cent," Fardan said.

Al Rayan's profit doubled to Dh90 million ($24.51 million) last year and should more than double again this year, Fardan said. This year's first quarter profit is almost Dh90 million, he said.