The rights issue
is a financial instrument representing the rights that are legally granted to the company's shareholders to have priority in subscribing for the company's capital increase shares that will be issued.
Raja commented, "We were delighted to advise ADIB in connection with its successful rights issue
, which we hope will enable ADIB to solidify its capital base and maintain its strong position in the UAE market.
This is the bank's second rights issue
in less than a year.
11 crore shares after the completion of rights issue
will be made following the closing of the Rights Issue
Taking this into consideration, as well as the costs of complying with the legal requirements and the requirements of the regulatory authorities relating to the shareholders with registered addresses in various jurisdictions outside of Australia, New Zealand, the Hong Kong SAR and the Cayman Islands, the Company has formed the view that it is unreasonable to extend the Rights Issue
to those shareholders who do not reside in Australia, New Zealand , the Hong Kong SAR and the Cayman Islands.
Shareholders' approval is still required, with a vote on the rights issue
expected to be held on February 17.
Former chief executive Bob Diamond, who was forced out of the banK in the waKe of its Libor scandal in 2012, was among those to buy shares in the rights issue
In similar remarks in December, Amoli Larijani lambasted the West's double-standard policies and stances on human rights issues
, and said the hegemonic powers use human rights as an instrument to pressure independent states.
Saudi Fransi Capital confirmed that the receiving banks had received subscription applications for in excess of 632 million shares by the close of the rights issue
offer period, representing demand of SR6.
The board has approved an underwriting syndicate of existing shareholders and other investors that will subscribe the rights issue
6m shares not taken up in the rights issue
for 75 cents per share, a premium of 20 cents to the rights price.