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UAE- ADIB rights to start trading on ADX
(MENAFN- Arab News) Abu Dhabi Islamic Bank (ADIB) rights are due to start trading on the Abu Dhabi Securities Exchange on Aug. 16 the first time rights issued by a UAE bank will be traded on a public exchange.
In line with the timetable announced by the bank last month all investors holding ADIB shares as at 2 p.m. on Aug. 13 will be entitled to receive rights to subscribe to new shares issued by the bank.
Each shareholder will receive the right to subscribe to 56 new shares for every 1000 shares held. Shareholders can subscribe for new shares at a price of AED3 per share.
The rights will be tradable on the Abu Dhabi Securities Exchange between Aug. 16 and Sept. 3.
This window allows existing shareholders who do not wish to subscribe to the new shares to sell all or part of their rights and for interested potential shareholders to buy rights and then subscribe to the new shares.
ADIB shareholders can obtain all information on the rights issue and the relevant documents at 40 designated ADIB branches or through the online page: rightsissue.adib.ae. They can also contact the dedicated call center at: 02 658 0878.
An investor number Emirates ID number and an IBAN bank account number will be needed in order to complete the subscription form.
ADIB will inform subscribers of their share allocations by Sept. 20 and will then make refunds for any unallocated shares.
The issue of 168 million new shares approved by ADIB shareholders in June will raise AED504 million to support the bank's growth.
ADIB reported a net profit of AED502.6 million for the second quarter of 2015 a 10.5 percent increase from a year earlier.
ADIB has also successfully grown its customer base by 31.9 percent year-on-year.
In line with the timetable announced by the bank last month all investors holding ADIB shares as at 2 p.m. on Aug. 13 will be entitled to receive rights to subscribe to new shares issued by the bank.
Each shareholder will receive the right to subscribe to 56 new shares for every 1000 shares held. Shareholders can subscribe for new shares at a price of AED3 per share.
The rights will be tradable on the Abu Dhabi Securities Exchange between Aug. 16 and Sept. 3.
This window allows existing shareholders who do not wish to subscribe to the new shares to sell all or part of their rights and for interested potential shareholders to buy rights and then subscribe to the new shares.
ADIB shareholders can obtain all information on the rights issue and the relevant documents at 40 designated ADIB branches or through the online page: rightsissue.adib.ae. They can also contact the dedicated call center at: 02 658 0878.
An investor number Emirates ID number and an IBAN bank account number will be needed in order to complete the subscription form.
ADIB will inform subscribers of their share allocations by Sept. 20 and will then make refunds for any unallocated shares.
The issue of 168 million new shares approved by ADIB shareholders in June will raise AED504 million to support the bank's growth.
ADIB reported a net profit of AED502.6 million for the second quarter of 2015 a 10.5 percent increase from a year earlier.
ADIB has also successfully grown its customer base by 31.9 percent year-on-year.
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