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UAB offers 687.5m shares to boost capital

UAB offers 687.5m shares to boost capital
The UAB plans to increase its capital by 50%
UAB
UAB
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Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) announced on Wednesday that the United Arab Bank (UAB) launched a right offering to increase its capital.

The UAE-based lender is offering 687.5 million shares for subscription at a nominal value of AED 1 per share, the ADX added, noting that the subscription will continue until Wednesday 7 March 2018.

The ADX-listed bank plans to increase its capital by 50% to AED 2.062 billion up from AED 1.375 billion. 

Emirates NBD Capital Bank will be the offering’s lead manager, according to a bourse statement.