The subscription period for Abu Dhabi Islamic Bank’s (Adib) rights issue, which aims to raise Dh504 million ($137 million), begins tomorrow (August 23) and will run until September 10.

During this period, holders of rights as at the end of the rights trading period on September 3 will be able to subscribe to new shares at a price of Dh3 ($0.81) per share.

Investors wishing to exercise their right to buy new shares will need to subscribe by filling in a subscription form at one of the 40 participating Adib branches across the UAE. Rights holders, who are also Adib customers, can also subscribe to shares through Adib’s mobile phone app. An investor number must be presented for subscription along with other required documents.

Holders of rights will also have the option to subscribe for additional shares in excess of the number of rights that they hold which will be allocated in the event that unsubscribed shares remain at the end of the subscription period.

The rights are being traded on the Abu Dhabi Securities Exchange until September 3. During the trading period, holders of rights who do not wish to subscribe to new shares will have the option to sell all or part of their rights.

Adib reported a net profit of Dh502.6 million for the second quarter of 2015, a 10.5 percent increase from a year earlier. Adib has also successfully grown its customer base by 31.9 percent year-on-year. – TradeArabia News Service