By Staff writer
CEO says bank is now well positioned to implement growth plans, deliver value to shareholders
Ajman Bank said on Tuesday that it has raised AED675 million ($183.7 million) through a rights issue which was 195 percent oversubscribed.
The bank said in a statement that it raised AED500 million against issuance of 500 million new ordinary shares and AED175 million representing share premium.
The proceeds of the rights issue will be used to strengthen the capital base and to comply with the capital adequacy requirements, to meet business needs of the bank’s customers and to generate cash flows, the statement added.
The trading of the rights on the Dubai Financial Market started on May 22 and ended on the June 5 with a total of 169 million Rights traded.
Mohamed Amiri, CEO of Ajman Bank, said: "The success of the rights issue reiterates the support we have from our shareholders and the confidence they have in the bank.
"The bank is now well positioned to implement our growth plans and continue to deliver value to our shareholders."