Egypt – The second phase of Abu Dhabi Islamic Bank Egypt’s (ADIB) rights issue was oversubscribed by 344.374%, according to a statement filed to the Egyptian Exchange (EGX) on Tuesday.
The phase included subscription in 28.014 million shares. Subscribers were allocated 0.29038195 share per each share.
It is worth noting that the company’s issued and paid-up capital is set to increase to EGP 4 billion from EGP 4 billion.
The capital hike amounts to EGP 2 million distributed over 200 million shares at a nominal value of EGP 10 per share.
ADIB, formerly National Bank for Development, is an Egypt-based public shareholding company engaged in the provision of retail, corporate, and investment banking services through a network of 69 branches located across Egypt.