Ajman Bank’s Dhs550m rights issue receives strong response

Image: Ajman bank

Ajman Bank’s Dhs550m rights issue has been received very well, attracting many international investment banks and local investors. The rights issue was oversubscribed 7.4 times, with a total demand of Dhs4.1bn.

The rights issue offered both registered shareholders and other investors the chance to subscribe to the newly issued shares at a price of Dhs1 per share, matching the nominal value of Ajman Bank’s ordinary shares.

The rights issue will strengthen the capital base of the bank and the share capital will be increased to Dhs2.7bn after the completion of allocation process and the regulatory requirements.

Ajman Bank right issue share allocation

Mohamed Amiri, chief executive officer of Ajman Bank, commented, “The success of the rights issue underscores the unwavering trust and support of our shareholders.

“This positions us strategically to roll out our growth strategies and continue providing unmatched value to our shareholders. Our advisers played a pivotal role in ensuring the success of this endeavor.

“This achievement is also a testament to the robust UAE economy, setting us on the path to offer sustainable returns.”

Allocation of shares to the investors is expected on or around August 9, with refunds due to commence on or around August 11.

Commencement of dealing in new shares is expected on or around August 16.

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