ADIB Plans Dh1.75 Billion Rights Issue For Growth Arabian Post
Arabian Post Staff -Dubai
Abu Dhabi Islamic Bank's board has approved plans to raise up to Dh1.75 billion through a rights issue, strengthening its capital base as the lender pursues faster expansion under its Vision 2035 strategy.The proposed transaction will involve the issuance of as many as 106.38 million new ordinary shares at Dh16.45 each. The subscription price represents a discount of about 28.8 per cent to ADIB's closing price of Dh23.10 on the Abu Dhabi Securities Exchange on August 24.
Eligible shareholders are expected to receive the right to subscribe for approximately one new share for every 34.14 shares they already hold. The terms remain subject to shareholder and regulatory approvals, including clearance from the Central Bank of the UAE and the Securities and Commodities Authority.
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