UAE's ADIB approves $272 mln rights issue

26/07/2018 Argaam

 

Abu Dhabi Islamic Bank's (ADIB) board of directors recommended a capital increase by $272.47 million (AED 1 billion) through the issuance of 464 million shares, priced AED 2.16 per share, it said in a statement on Thursday.

 

The proposed rights issue would increase the bank's capital from AED3.168 billion to AED 3.632 billion.

 

The process is pending approvals from the general assembly and regulator, it added.

 

Meanwhile, the board also proposed the issuance of a $750 million (AED 2.75 billion) perpetual tier 1 sukuk, and the repayment of its $1 billion hybrid tier 1 sukuk issued in 2012.

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