ADIB’s shareholders have approved a proposal by the bank’s Board of Directors to raise capital through a AED 1 billion rights issue.
The capital plan seeks to support the bank’s continued growth and its objectives in achieving its strategy while meeting regulatory requirements. In a statement, ADIB said that the general assembly approved the board’s proposal to issue a $750 million (AED 2.75 billion) perpetual tier one Sukuk as well as the repayment of its $1 billion Sukuk that was successfully issued in 2012 as the world’s first Shari’ah compliant hybrid tier 1 Sukuk.
ADIB reported a three per cent increase in net profit in H1 2018 amounting to AED 1.16 billion. The lender will announce the timetable for the rights issue, including the ex-rights date, rights trading period as well as subscription period after the approval of the Central Bank of the UAE (CBUAE) and Securities and Commodities Authority (SCA).
Source CPI Financial