Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) on Monday has announced that it will open the subscription for shareholders and rights holders who want to subscribe to the lender's new share sale on Tuesday, 25 September.
Shareholders of Abu Dhabi’s largest sharia-compliant bank will have the option of subscription during the period between 19 September and 9 October, according to ADIB’s statement.
In August, the bank's shareholders approved a proposal for a rights issue of AED 1 billion to increase both the paid and the issued capita.
The step will support the bank’s nonstop growth and its objectives in achieving its 2020 vision, while meeting regulatory requirements.
Each shareholder will have the right to subscribe to 29 new shares for every 198 shares held at 02:00 pm on 12 September 2018.
“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,” the statement highlighted.
As for ADIB’s customers, they have the option to subscribe through the bank’s mobile banking app and online banking, or by visiting one of its branches designated to receive subscriptions across the country.
Earlier this month, the bank revealed that its rights trading period for AED 1 billion rights issue will start from 18 September until 2 October.
By 01:28 am UAE time, ADIB’s stock rose 0.28% at AED 3.61.
