Bemo Saudi Fransi Finance (BSFF) has said that it will manage Bank Al Sharq’s upcoming Initial Public Offering (IPO).

BSFF was recently contracted by Bank Al Sharq to manage the public offering of 20.5 per cent of the Bank’s SYP 2.5 billion ($49m) capital.

The offering is targeted to raise SYP 512,500,000 through the issuance of 512,500 shares (SYP 1,000 per share). The IPO is to be initiated in the coming months, once granted final approval by the Syrian Commission on Financial Markets and Securities (SCFMS).

The founders of Bank Al Sharq were granted license by the Council of Ministers (Decision No 26) on 10/04/2008 to establish the bank in Syria. Led by Banque Libano-Francaise, the founders, who include a host of prominent Syrian businessmen, have collectively contributed 79.5 per cent of the new bank’s capital.

BSFF will act as the main liaison between Bank Al Sharq, the SCFMS and the banks in which the actual subscriptions will take place.

Among other responsibilities, BSFF will prepare Bank Al Sharq’s prospectus, coordinate the promotional campaign and monitor the subscription process at the appointed banks.
 
BSFF is a financial services and investment company providing financial advisory, brokerage, asset management and IPO management services to both individual and institutional investors in Syria.

A subsidiary of Banque Bemo Saudi Fransi (BBSF), Bemo Saudi Fransi Finance (BSFF) was formed following recent regulations that have paved the way for the development of a securities market in Syria, including Law No. 55 of 2006 ’The Stock Exchange Act’ and Law No 3942 of 2006 which licenses and regulates financial services companies and intermediaries.

With a capital of SYP 300 million, the founders of Bemo Saudi Fransi Finance include Banque Bemo Saudi Fransi, Al Fadel Group, Generation ALFA, a Swiss based Wealth Management Company, Dr Abdul Rahman Al Attar and Riad Obegi. - TradeArabia News Service