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Jordan Dubai Islamic Bank trades on Amman bourse
AMMAN May 26 (Reuters) - Jordan Dubai Islamic Bank INDV.AM made its market debut on the Amman stock exchange on Wednesday, nearly 18 months after UAE-based investors bought a majority stake in a local Jordanian bank and rebranded it.
The UAE's Dubai Islamic Bank had bought a 52 percent stake in Industrial Development Bank of Jordan and shares in the predecessor of Jordan Dubai Islamic Bank were then suspended on Dec. 30 2008.
The newly branded bank began commercial operations several months later. Its shares closed at 2.09 dinars ($3) on Wednesday, or 11.4 percent lower than its forerunner's last close.
There is normally a daily 5 percent limit on price movements for listed firms on the Amman bourse, but a stock is allowed to float freely on its first day of listing after a long suspension to enable the market to set a fair price.
The acquisition of Industrial Development Bank of Jordan was through a joint venture with Jordan Dubai Capital, an affiliate of Dubai International Capital (DIC) a subsidiary of Dubai Holding, the investment vehicle of the ruler of Dubai. (Writing by Suleiman al-Khalidi; Editing by David Holmes) ($1 = 0.709 dinar)
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