Islamic Finance 

ADIB raises AED 1 billion in successful rights issue which was more than five times oversubscribed

| 10 October, 2018

Abu Dhabi, October 10, 2018: Abu Dhabi Islamic Bank (ADIB) has successfully raised AED 1 billion through a rights issue aimed at supporting the bank’s growth strategy. The offer for new shares was approximately five times oversubscribed.

Following the close of the subscription period on October 9, the designated 464 million new shares will be fully allocated on October 16th.

Subscription for the AED 1 billion ADIB Rights Issue was completed on 9 October and generated investor demand in excess of 5 billion AED, reflecting the support and faith of the bank’s shareholders’ in ADIB’s growth strategy and value.

The rights, which were traded on the Abu Dhabi Securities Exchange, offered existing shareholders and other investors the opportunity to purchase shares at a price of AED 2.16 per share. The rights witnessed an active level of trading on the Abu Dhabi Securities Exchange during the rights trading period.

Mr. Khamis Buharoon, ADIB Vice Chairman and acting CEO, said: “This capital raise viewed in conjunction with the recent raising of US$750 million in Additional Tier 1 securities has resulted in the bank improving its capital structure and has positioned the bank to pursue growth opportunities in line with the expected improvements in the economic environment. Shareholders have clearly acknowledged their support for the bank’s growth potential as demonstrated by the strong demand for new shares. The bank is investing in delivering excellent service through digital channels and our branches and we will continue to support the ambitions of our customers and the UAE economy.”

The rights issue was fully managed and executed by ADIB’s investment banking team, and was supported by an extensive investor engagement effort undertaken by ADIB’s senior management and investment banking team.

Subscribers will be informed of their share allocation by 16 October, with refunds given in cases where applications could not be fully met.

ADIB’s capital raising plan also included raising US$750 million of additional Tier 1 capital through a perpetual sukuk that complies with the Basel III regulatory framework issued by the Central Bank of the UAE. The issue, priced at a profit rate of 7.125 percent, was three times oversubscribed, accumulating USD 2.1 billion in orders.


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About ADIB

ADIB is a leading bank in the UAE with more than AED 122 billion in assets. Its 1 million-plus customers benefit from the third largest distribution network in the UAE with 82 branches and more than 710 ATMs. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

In the UAE, the Bank has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratisation ratios with more than 37 percent of the bank’s workforce being UAE Nationals.

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq.

Named the world's Best Islamic Bank by FT's The Banker Magazine, and Best Islamic Digital Bank in the Middle East by Global Finance, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.

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