ENBD Islamic unit plans $408m rights issue
Dubai, January 10, 2013
The Islamic unit of Emirates NBD, Dubai's largest listed bank, intends to begin a 1.5 billion dirham ($408 million) rights issue this month.
Emirates Islamic Bank (EIB) will increase its capital to 3.93 billion dirhams through the offering of 1.5 billion shares at 1 dirham each between Jan. 25 and Feb. 3, it said in a filing to the Dubai bourse on Wednesday.
No details were given on how EIB intends to use the proceeds of the share issue, which was first announced last month.
EIB formally merged with Dubai Bank last year. Dubai Bank, which was rescued by the Dubai government in May 2011, was absorbed into Emirates NBD at the behest of the authorities in October 2011. -Reuters
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson