ABU DHABI: Abu Dhabi Islamic Bank (ADIB) rights are due to start trading on the Abu Dhabi Securities Exchange on August 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 14:00 hours on Thursday (August 13) will be entitled to receive rights to subscribe to new shares issued by the bank, said a statement.
Each shareholder will receive the right to subscribe to 56 new shares for every 1,000 shares held, it said.
Shareholders can subscribe for new shares at a price of Dh3 ($0.81) per share.
The rights will be tradable on the Abu Dhabi Securities Exchange between August 16 and September 3.
This window will allow 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.
Subscription forms, for those shareholders who have not sold their rights or those rights holders who have bought rights on the ADX, and payment cheques can be submitted at any of the 40 designated ADIB branches between August 23 and September 10, said the statement.
An investor number, Emirates ID number and an IBAN bank account number will be needed in order to complete the subscription form, it said.
Rights holders, who are also ADIB customers, can also subscribe to shares through ADIB’s mobile phone app.
ADIB will inform subscribers of their share allocations by September 20, and will then make refunds for any unallocated shares, said the statement.
The issue of 168 million new shares, approved by ADIB shareholders in June, will raise Dh504 million to support the bank’s growth, it added.
