Last day to buy shares in Abu Dhabi Islamic Bank's $272m rights issue

Abu Dhabi Islamic Bank sets new deadline for eligibility date for the bank's AED1 billion rights issue
Last day to buy shares in Abu Dhabi Islamic Bank's $272m rights issue
By Sam Bridge
Mon 10 Sep 2018 01:51 PM

Abu Dhabi Islamic Bank (ADIB) has set September 12 as the eligibility date for the bank’s AED1 billion ($272 million) rights issue instead of September 13 due to the public holiday.

This means that that the last day to purchase shares to be eligible for rights subscription is today (Monday).

Under the capital raise plan, each shareholder will have the right to subscribe to 29 new shares for every 198 shares held. The subscription will start on September 25 and end on October 9.

Each right grants its holder the eligibility to subscribe to one new share at an issue price of AED 2.16 per share, reflecting the nominal value of AED1 per share, and a share premium of AED1.16 per share. This represents a 45 percent discount to the market share price as of July 25.

Shareholders will have the option of trading their rights during the trading period through the Abu Dhabi Securities Exchange between September 18 and October 2.

The rights issue will increase ADIB’s Iissued and subscribed to share capital to AED3.63 billion.

ADIB said it will act as the sole receiving bank and oversee the subscription process.

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