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Ahli gets nod for $303mn rights issue

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 14 November 2007

Bahrain's largest lender by market value, has won regulatory approval bodies to raise $303 million by selling shares to existing investors, Kuwait's bourse said on Tuesday.

The lender will sell 300 million shares to investors holding shares on Nov. 13 at $1.01 per share, the bourse said in a statement on its Web site.

The offer will run from November 18 to December 2, it said.

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AUB Chief Executive Adel El-Labban said in March the lender was planning to raise $300 million through a rights issue or similar mechanism, and $150 million through subordinated debt to fund expansion.

The bank has operations in Britain, Kuwait, Qatar, Iraq and Egypt, and is eyeing Saudi Arabia, Oman, the United Arab Emirates, Iran and Switzerland.

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