Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) will offer its AED 1 billion rights issue plan through digital channels, the lender said in a statement on Wednesday.
ADIB is encouraging its customers, who will subscribe for the bank's new shares, to use internet and mobile banking smartphone application as a convenient way before the subscription deadline on 9 October 2018.
“This is in addition to the ability for all rights holders including non-ADIB Banking customers to visit one of the 46 participating ADIB branches across the UAE or visit their own bank and subscribe through the UAE Funds Transfer System,” the statement added.
ADIB’s subscription period will run until 9 October during which all holders of rights will be able to subscribe to new shares at a price of AED 2.16 each. This reflects a nominal value of AED 1 per share and a share premium of AED 1.16 each, representing a 45% discount to the market share price as of 25 July 2018, the Abu Dhabi-based bank noted.
“As part of its capital raising plans, ADIB successfully raised $750 million of additional Tier 1 capital through a perpetual sukuk that complies with the Basel III regulatory framework issued by the Central Bank of the UAE. The issue, priced at a profit rate of 7.125%, was three times oversubscribed, accumulating $2.1 billion in orders,” the statement noted.
