Dubai – Mubasher: Ajman Bank on Wednesday announced that it would extend subscription in its rights issue as part of its capital hike by five working days.

Following the extension, the bank’s rights issue will end on Wednesday, 7 November, it said in a filing to the Dubai Financial Market (DFM).

Ajman Bank’s capital top-up was set to conclude on Wednesday, 31 October.

The allocation date has been set to 12 November, while remaining sums will be returned to investors no later than 15 November, the bank added.

Ajman Bank issued 419.67 million shares at an issuance price of AED 1 per share in order to raise its capital to AED 2.1 billion from AED 1.68 billion.

A rights issue gives a company’s or bank’s shareholders priority to subscribe in the entity’s capital increase.

On Wednesday, Ajman Bank reported a 4% year-on-year increase in net profits to AED 40.81 million ($11.11 million) in the third quarter of 2018 from AED 39.18 million ($10.67 million), while nine-month results showed net profits had jumped 27% to AED 119.8 million from AED 94.5 million in the corresponding period of 2017.