Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank’s (ADIB) general assembly has approved a proposal for a rights issue of AED 1 billion to increase both the paid and the issued capital through a tradable rights issue of 464 million new shares to the bank’s shareholders.
ADIB’s shareholders also nodded to the issuance of $750 million (AED 2.75 billion) perpetual Tier 1 sukuk, in addition to the repayment of $1 billion (AED 3.67 billion) sukuk issued in 2012, according to a bourse statement.
“In voting in favour of ADIB’s proposed capital plans, our shareholders have clearly understood and endorsed the bank’s growth strategy,” ADIB’s vice chairman and acting CEO Khamis Buharoon commented.
The bank has performed strongly in recent years, demonstrating a consistent and sustainable track record of profitability and operational strength. Our focus has always been on maintaining a solid capital base, which can provide stability and enable the bank to expand and grow from a position of strength.
The rights issue will increase the Abu Dhabi-listed bank’s issued and subscribed to share capital to AED 3.6 billion from AED 3.168 billion through the issuance of 464 million new shares at AED 2.16 per share.