Dubai Islamic Bank rights trading from May 16-30

Dubai: Dubai Islamic Bank’s rights issue will be tradable on the exchange from May 16-30.

The opening price of the rights issue has been set at Dh1.82, based on the company’s adjusted share price on the market minus the issuing price of the new shares.

DIB will increase the capital to Dh6.58 billion through the issuance of 1.64 billion shares at a price of Dh3.11.

The rights issue is a financial instrument representing rights legally granted to shareholders, giving them in the subscription of news shares issued for purpose of raising the company’s capital.