Wednesday 10, October 2018 by Kudakwashe

ADIB secures AED 1 billion in rights issue

 

The subscription period was closed on 9 October and designated 464 million new shares will be fully allocated on 16 October 2018.

Abu Dhabi Islamic Bank (ADIB) has announced that it raised AED 1 billion through a rights issue aimed at supporting the bank’s growth strategy.

In a statement, the lender stated that the rights were traded on the Abu Dhabi Securities Exchange (ADX) and offered existing shareholders and other investors the opportunity to purchase shares at a price of AED 2.16 per share.

Khamis Buharoon, ADIB Vice Chairman and acting CEO, said, “This capital raise viewed in conjunction with the recent raising of $750 million in Additional Tier 1 securities has resulted in the bank improving its capital structure and has positioned the bank to pursue growth opportunities in line with the expected improvements in the economic environment”. 

The bank seeks to invest in delivering excellent service through digital channels and our branches and we will continue to support the ambitions of our customers and the UAE economy.

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more