Adib rights offer to shareholders begins August 23

Abu Dhabi Islamic Bank’s (Adib) Dh504 million ($137.2m) rights offer will begin on August 23, after shareholders approved the capital-raising plan, it said on Thursday.

The lender will issue 168 million new shares in order to support its growth. The issue price is Dh3.

Each existing shareholder will have the right to subscribe to 56 new shares for every 1,000 shares held at the end of trading on August 13. Subscriptions will start on August 23 and end on September 10.

Adib posted a 10.5 per cent rise in its second-quarter net profit on Wednesday, beating analyst estimates as fee income grew.