Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) has set out key dates for its rights issue. This follows ADIB’s extraordinary general meeting held on 28 June 2015, which approved the bank’s capital increase through a rights issue of 168 million new shares to raise AED 504 million of new shareholders equity, ADIB revealed in a statement.

“The rights issue has been proposed to support ADIB’s continued growth,” the Abu Dhabi-based and listed bank said on Thursday.

It reported a net profit of AED 502.6 million for the second quarter of 2015, a rise of 10.5% year-on-year owing to a 31.9% increase in the bank’s customers reflecting the continued strength of the main banking activities across all customer segments.

“ADIB expects more opportunities for expansion in the coming years, and the rights issue forms part of a capital growth plan to support them,” the statement noted, adding that “Under the plan for the rights issue, each existing shareholder will have the right to subscribe to 56 new shares for every 1000 shares held on 2 pm on 13 August, 2015.”

Subscription will begin on 23 August, and end on 10 September 2015.

ADIB said that each right grants its holder the eligibility to subscribe to one new share at an issue price of AED 3 per share, reflecting the nominal value of AED 1 per share, and a share premium of AED 2 per share.

“Shareholders will have the option of selling and buying their rights during the trading period through the Abu Dhabi Securities Exchange (ADX) between 16 August and 3 September,” the bank revealed, adding that it will act as the receiving bank and oversee the subscription process. Shareholders can visit any of the bank’s 40 branches designated to receive subscriptions across the UAE to exercise their rights in subscribing to new shares.

The list of designated branches can be found on ADIB’s website.