ADX hosts broker briefing on ADIB rights issue

17/08/2015 08:16 AST

Abu Dhabi Securities Exchange, or ADX, recently hosted a briefing session by Abu Dhabi Islamic Bank, or ADIB, for many of the UAE's leading brokers in support of the launch of trading of the rights issue for ADIB.

Abu Dhabi Islamic Bank rights started trading on the Abu Dhabi Securities Exchange on Sunday, which marks the first time rights issued by a UAE bank trade on a public exchange. The issue of 168 million new shares, approved by ADIB shareholders in June, will raise Dh504 million to support the bank's growth.

The session covered how the rights issue process will work and how brokers can best advise their clients to exercise their rights.

Rashed Al Balooshi, chief executive officer of ADX, said: "This is an important moment for the market and we welcome the decision by ADIB to initiate a rights issue as part of their capital raising programme. A rights issue can provide a unique way for companies to increase liquidity and secure long-term funding without the need for further leverage. ADX is ready and willing to work alongside companies to make rights issues a more regularly deployed option in the future."


Khaleej Times

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