01/02/2018 06:04 AST

United Arab Bank's board of directors approved increasing the bank's capital by Dh687.5 million through a rights issue, with new shares priced at Dh1 per share.

In a statement to the Abu Dhabi bourse on Wednesday, the bank said the rights issue would increase capital to Dh1.37 billion, thereby doubling it from the current Dh687.5 million. The increase is within the authorised capital limit of Dh2.75 billion.

The bank's board proposed increasing its capital during a meeting in November 2017.


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