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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 4.28 points to 504.48 Thursday. Salim Ansari's capital pool shell, Nurcapital Corporation Ltd. (NCL: $0.20), listed on the TSX-V today. It did not trade. It is the third capital pool shell to list this year, and the same number had listed by this time last year. All Group Financial Services Inc. sold Nurcapital's $441,700 initial public offering of 2,208,500 shares at 20 cents. In addition to the IPO shares, Nurcapital has 1.05 million escrowed shares issued.
Mr. Ansari is the shell's largest shareholder with 600,000 of those escrowed shares. He is the president of An-Nur (Ontario) Cooperative Corp. Ltd., a Toronto company that offers real estate financing and investments to Muslims. Islamic sharia law prohibits the charging and earning of interest, so companies like An-Nur have Islamic workarounds to get paid in other ways, such as by charging a fixed, agreed-upon markup when it provides a loan. Nurcapital is Mr. Ansari's first capital pool shell.
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