Abu Dhabi – Mubasher: United Arab Bank (UAB) stated on Monday that its right offering was oversubscribed by 124%, according to a filing to the Abu Dhabi Securities Exchange (ADX).
The amount received by the UAE-based lender during the subscription period reached AED 850 million, compared to offered shares worth AED 687.516 million, the UAB added.
The oversubscription of the right offering reflects the confidence of both shareholders and investors in the UAB, the ADX-listed bank’s CEO Sheikh Mohammed Abdulla Al Nuaimi commented.
In February, the Emirati bank launched a right offering to increase its capital to AED 2.062 billion.
