Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has set out key dates for its rights issue. This follows the General Meeting held on 19 August which approved ADIB’s capital proposal to raise the bank’s Paid and Issued Share Capital through a tradeable rights issue of 464 million new shares to its shareholders, worth AED 1 billion.

Under the plan for the rights issue, each shareholder will have the right to subscribe to 29 new shares for every 198 shares held on 2 pm on September 10th, 2018, and subscription will start on September 25th, and end on October 9th.

Each right grants its holder the eligibility to subscribe to one new share at an issue price of AED 2.16 per share, reflecting the nominal value of AED 1 per share, and a share premium of AED 1.16 per share. This represents a 45 percent discount to the market share price as of July 25, 2018. Shareholders will have the option of trading their rights during the trading period through the Abu Dhabi Securities Exchange between September 25th and October 9th.

The rights issue will increase ADIB’s Issued and Subscribed to Share Capital from AED 3,168,000,000 to AED 3,632,000,000.

Mr. Khamis Buharoon, ADIB Vice Chairman and acting CEO, said: “Increasing our shareholders’ equity is a key part of our planned capital raise program which will enable ADIB to further grow while providing a leading banking experience to customers from a well-capitalized position. During the subscription period, the bank’s designated branch network and award-winning digital platforms will ensure that shareholders can easily participate in the offer.”

ADIB will act as the sole receiving bank and oversee the subscription process. Shareholders wishing to exercise their right of buying new shares will need to subscribe by filling in a form that can be downloaded from ADIB’s website, www.adib.ae/rightsissue or through ADIB’s mobile app, and then delivering it to one of the participating ADIB branches. An investor number will be needed for this. Shareholders who are ADIB customers have the option to subscribe via the bank’s mobile banking app, online banking or through one of the branches designated to receive subscriptions across the country. Non-ADIB customers shareholders wishing to exercise their right of buying new shares can subscribe through the designated ADIB branches or through their banks in the country.

More information on how to subscribe and list of participating branches can be found on www.adib.ae/ rightsissue or ADIB’s call center 600 54 3216.

We accept Guest Posts

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear