Abu Dhabi: The subscription period for Abu Dhabi Islamic Bank’s rights issue begins this Sunday August 23rd and will run until September 10th. During this period, holders of rights as at the end of the rights trading period on September 3rd will be able to subscribe to new shares at a price of 3 dirhams per share.
Investors wishing to exercise their right to buy new shares will need to subscribe by filling in a subscription form at one of the 40 participating ADIB branches across the UAE. Rights holders, who are also ADIB customers, can also subscribe to shares through ADIB’s mobile phone app. An investor number must be presented for subscription along with other required documents.
Each right grants its holder the option to subscribe to one ADIB share at 3 dirhams per share. Holders of rights will also have the option to subscribe for additional shares in excess of the number of rights that they hold which will be allocated in the event that unsubscribed shares remain at the end of the subscription period.
The rights are being traded on the Abu Dhabi Securities Exchange until September 3rd. During the trading period, holders of rights who do not wish to subscribe to new shares will have the option to sell all or part of their rights.
The rights issue is raising Dh504 million to support ADIB’s growth. ADIB reported a net profit of AED 502.6 million for the second quarter of 2015, a 10.5 per cent increase from a year earlier. ADIB has also successfully grown its customer base by 31.9 per cent year-on-year.
