Bahrain Islamic seeks $225mn in rights issue

Bahrain Islamic Bank said on Sunday it would raise 85 million dinars ($225.5 million) by selling shares at half their market price to existing investors to fund expansion in the Gulf.

The lender said it would issue 283.36 million new shares at 300 fils each, and from September 16-30.

The stock closed on August 30 at 600 fils. There are 1,000 fils per Bahraini dinar.

"We believe that the time is right to become a larger, more focused and dedicated bank," acting chief executive Mohammed Ebrahim Mohammed said in a statement on the Bahrain bourse Web site.

In May, the bank said it had applied to all Gulf Arab central banks for licences as part of a plan to expand across the region, and Mohammed said Qatar was likely to be the best place to start.

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