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Friday, November 11, 2005

Bahrain's ABG eyes Manama, Dubai, Malaysia listings

Bahrain-based Albaraka Banking Group (ABG) is looking at listing in Dubai and Malaysia as well as Manama, the company's CEO said on Nov 9.

Adnan Yousif said in an interview that the company hoped to raise up to US$800 million (RM3.02 billion) in 2006 by selling shares and issuing an Islamic bond.

He said the company would be looking at listing in Manama as well in Dubai and Kuala Lumpur.

"The money will be used for expansion into new markets. It will also be used to strengthen the capital base for existing subsidiaries for future investments," Yousif told Reuters on the sidelines of an Islamic banking conference in Luxembourg.

Source: Reuters via The Edge Daily

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