Abu Dhabi Islamic Bank eyes capital-boosting measures

Abu Dhabi Islamic Bank will convene shareholders on June 21 to vote on a rights issue worth Dh504 million ($137.2 million) and raise its sukuk limit to $3 billion from the existing $2 billion ceiling. Under the rights issue plan, 168 million shares will be offered at a price of Dh3 per share, equating to a 40 per cent discount to Wednesday's closing share price. Shareholders will be allowed to subscribe for 56 new shares for every 1,000 they currently own. Adib will also seek shareholder assent to expand its existing Tier 1 sukuk programme to $3 billion from $2 billion.The bank wants to keep expanding its retail network in the UAE, as well as its financing in the SME, large and emerging corporate segments.