Bahrain Islamic Bank (BisB) said its board has agreed to make a rights issue amounting to up to 75 per cent of its paid-up capital.

The move comes after the issue, which was to be completed during March, was postponed due to the events that occurred in the kingdom at that time.

BisB chairman Khalid Abdulla Al Bassam said the rights issue will be for 546,442,050 ordinary shares at a nominal value of 100 fils each.

Subscriptions for the issue will begin on June 8 with a closing date of June 22. Share allotments will be determined on June 29 and announced the following day.

Al Bassam expressed his appreciation for the support received from some of the bank's strategic shareholders and reiterated his invitation to the other shareholders to take advantage of the chance.

'The bank has achieved a net profit of BD1.5 million ($4 million) in the first quarter, and it is likely that it will continue achieving positive results especially in the current environment where the government has expressed its intention to support and increase spending in infrastructure and other developmental projects in Bahrain,' Al Bassam said

The board has extended its thanks and appreciation to its shareholders and and to the supervisory authorities for their continued support and encouragement.-TradeArabia News Service