DIB share capital increase application starts Saturday

Eligible subscriptions will be limited to those who are registered in the shareholder book with Dubai Financial Market at the end of Tuesday 14th of September trading, where the opportunity to buy the bank's stocks will be available to investors who already own DIB stocks with an opportunity to buy up to 50 per cent of the number of stocks already owned. The share capital increase will be offered to the shareholders at nominal value of AED 10 per share in addition to a premium of AED 10.

The bank will provide 50 million stocks from the capital-increase with a value of 500 million dirhams. The total subscription will be carried out in two instalments. The first instalment will cover 50% of the total subscription value from September 18, 2004 until September 30. The second installment will cover the remaining 50% starting from December 4 until December 16, 2004.

Subscription, submitting applications, and paying installments will take place at the bank's BRANCHES which are the main branch in Deira next to City Centre, Dubai branch in Khaled Bin Waleed St., Abu Dhabi Branch in the airport St., Al Ain Main Branch in Oud Al Touba St., Sharjah Branch in King Abdul Aziz Road, Ajman Branch in Nuaimah st., Ras Al Khaima Branch in Al Muntasir St., and Al Fujairah Branch in Hamad bin Abdullah Road.

The capital increase decision comes hand in hand with DIB's noticeable growth rates in the last few years at all levels, especially in its financial and investment portfolios. This growth has been reflected in the significant increase in the balance sheet with the bank's assets growing to Dhs27.2 billion at the end of the first half of the current year and its financing and investment portfolios rising to Dhs14.9 billion in the same period last year.