Sunday 15 December 2019
 
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2.8 TIMES OVERSUBSCRIBED

Sheikh Ahmed Bin Saeed Al Maktoum

Emirates NBD rights issue draws $4.9bn

DUBAI, 23 days ago

Emirates NBD Bank announced today that its rights issue was oversubscribed approximately 2.8 times as a result of strong demand from UAE, Middle East and international investors.
 
The rights issue subscription to raise an additional capital of Dh6.45 billion ($1.76 billion) successfully closed yesterday (November 20).
 
It said te issue received total funded commitments in excess of Dh18 billion ($4.9 billion), representing an oversubscription of approximately 2.8 times.
 
Sheikh Ahmed Bin Saeed Al Maktoum, chairman, Emirates NBD, said: “We appreciate the excellent response from existing shareholders in our first rights issue and are pleased to enjoy their strong support, a vote of confidence in Emirates NBD’s financial position and market standing. The positive response we have received will further strengthen our balance sheet and help progress milestones as we continue our growth journey and commitment to our shareholders.”
 
Overall demand in Emirates NBD's rights issue from non-UAE investors was in excess of Dh11 billion, equivalent to 62.6% of the total funded commitments from all investors received on November 20, driven by the recent increase in Emirates NBD's Foreign Ownership Limit from 5% to 20%.
 
The net proceeds raised from the rights issue will be used to strengthen Emirates NBD’s capital base and to support future growth of the business. - TradeArabia News Service



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