ADIB sets eligibility date for AED 1bn rights issue

Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) has set Wednesday, 12 September as the eligibility date of its AED 1 billion rights issue instead of Thursday, 13 September, which will be a public holiday.

The latest announcement entails that the deadline for share purchasers for who aspire to be eligible for the rights subscription will be Monday 10 September, according to a bank statement.

“Under the capital raise plan, each shareholder will have the right to subscribe to 29 new shares for every 198 shares held. The subscription will start on 25 September and end on 9 October,” ADIB added.

The rights issue was intended for raising ADIB’s issued and subscribed share capital to AED 3.632 billion from AED 3.168 billion.

“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. This represents a 45% discount to the market share price as of July 25, 2018,” the Abu Dhabi-listed lender said.

Mubasher Contribution Time: 09-Sep-2018 08:55 (GMT)
Mubasher Last Update Time: 09-Sep-2018 09:01 (GMT)