First Abu Dhabi Bank plans to raise Dh15 billion ($4.08 billion) through a rights issue as it prepares for “the next phase” of its growth strategy across the UAE and its global portfolio.
The UAE's biggest bank will be offering 1,109,467,456 new shares, with each to be offered at Dh13.52, a 30 per cent discount on its closing share price on Tuesday, a FAB statement on Wednesday said.
Mubadala Investment Company, FAB’s largest shareholder, plans to subscribe for its full pro-rata entitlement, which is a reflection of its “continued confidence” in FAB’s strategy and long-term growth prospects, the bank said.
“The UAE continues to advance an ambitious long-term economic agenda, underpinned by diversification, investment, innovation and a growing role in global trade and capital flows,” said Sheikh Tahnoon bin Zayed, chairman of FAB.
“FAB is at the centre of this growth, enabling strategic investment across the UAE and internationally. The proposed rights issue will further strengthen FAB’s ability to support the UAE’s ambitions and capture the opportunities ahead.”
More to follow …
