Acceptance of Public Subscription

CIRCULAR NO. : 468
Date : 10/11/1987
To : All Banks.

Dear Sirs,

With refer to our Circular No. 444 dated 15/6/1987 regarding the conditions banks are required to fulfil in the matter of acceptance of public subscription to the capital of new companies or to an increase in the capital of existing companies, whether such companies are established in the U.A.E. or abroad.

We wish to inform you that in respect of companies established abroad, banks operating in the U.A.E., in addition to the conditions laid down in our above mentioned circular, are further required to submit the follwing :-

1. A copy of the approval given by the appropriate official authority in the country of origin authorising the concerned company to offer shares abroad. This approval should be translated into Arabic and duly authenticated in case the letter of approval is issued in a language other than Arabic or English.

2. Total number of share allocated to U.A.E. subscribers, compared to total number of shares applied for, as soon as the allocation procedures are finalised.

Furthermore, all applications and other required documents, seeking approval of Central Bank, should be submitted at least two weeks before the issue is opened to the public.

Yours faithfully,

ABDUL MALIK AL-HAMAR,
GOVERNOR.