United Arab Bank’s rights issue successfully subscribed by 124%

Dubai:

United Arab Bank (UAB) said on Monday its rights issue was subscribed 124 per cent, recieving Dh850 million of subscriptions.

The bank plans to increase its capital by Dh687.5 million to Dh2.063 billion from the earlier capital of Dh1.375 billion. The rights issue will be in the form of 687.5 million newly issued shares, with new shares priced at Dh1 per share.

“The oversubscription of the rights issue reflects the confidence that our shareholders have in the bank and its future endeavours. Our revised business model which is backed by the strong economy in the UAE positions us well to deliver sustainable returns for our shareholders going forward,” Shaikh Mohammad Bin Abdullah Al Nuaimi, Acting Chief Executive Officer said in a statement.