Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) announced on Wednesday that the United Arab Bank (UAB) launched a right offering to increase its capital.
The UAE-based lender is offering 687.5 million shares for subscription at a nominal value of AED 1 per share, the ADX added, noting that the subscription will continue until Wednesday 7 March 2018.
The ADX-listed bank plans to increase its capital by 50% to AED 2.062 billion up from AED 1.375 billion.
Emirates NBD Capital Bank will be the offering’s lead manager, according to a bourse statement.
