Dubai – Mubasher: The Dubai Financial Market (DFM) on Wednesday has announced that trading of Dubai Islamic Bank’s (DIB) rights issue shares will take place on 16 May.

Trading of the bank's rights issue, that ends on 30 May, enables incumbent shareholders who aren't willing to subscribe to the new shares to sell all or part of their rights to other investors who do wish to subscribe, according to the bank’s statement to the DFM.

The rights issue is part of the UAE-based lender's plan to increase its capital.

Subscription to DIB’s new shares will begin on 23 May until 26 June to raise the bank’s capital to AED 6.58 billion via issuing 1.64 billion shares, the bank noted.

“The opening price of the rights issue has been set at AED 1.82 based on the company’s adjusted share price on the market minus the issuing price of the new shares,” the statement added.