ADIB offers rights issue through internet, mobile banking

27/08/2015 06:09 AST

Abu Dhabi Islamic bank has started offering rights holders who are also its customers, the ability to subscribe to its rights issue through the ADIB internet banking portal and the ADIB mobile banking smartphone application.

The offering, which is the first of its kind in the UAE, comes as part of the bank's focus on providing its customers with relevant digital banking services, said a statement.

The subscription period will run until September 10, during which all holders of rights, as at the end of the rights trading period on September 3, will be able to subscribe to new and additional shares at a price of Dh3 ($0.81) per share, it said.

Besides being able to subscribe digitally, the rights holders - including non-ADIB banking customers - can visit one of the 40 participating ADIB branches across the UAE.

In all cases, an investor number must be presented for subscription along with other required documents, the statement said.

Each right grants its holder the option to subscribe to one ADIB share at Dh3 per share. The holders of rights will also have the option to subscribe for additional shares in excess of the number of rights that they hold which will be allocated in the event that unsubscribed shares remain at the end of the subscription period, it said.

The rights, for ADIB’s Dh504 million rights issue, will continue to be traded on the Abu Dhabi Securities Exchange until September 3.

During the trading period, holders of rights who do not wish to subscribe to new shares still have the option to sell all or part of their rights, it added.

Trade Arabia