ADIB to open subscription for new shares

Dubai: Abu Dhabi Islamic Bank (ADIB) said it will open subscription for its new shares on September 25 until October 9.

The bank received approval from its shareholders last month to raise Dh1 billion through a rights issue to meet regulatory capital requirements. Under the plan for the rights issue, each shareholder will have the right to subscribe to 29 new shares for every 198 shares held on September 12.

The rights issue will increase ADIB’s share capital to Dh3.63 billion from Dh3.168 billion.