The bank is offering a total of 50 million shares with a value of AED500 million and will continue to receive subscriptions during the next two weeks, until Thursday the 30th of September 2004.
"The impressive response that we have received to the rights issue is a testimony to the high level of credibility established by DIB among its shareholders," said Mohammed Sayed Al Shareef, Executive Vice President (Finance), DIB. "We are happy with the remarkable interest shown by our loyal shareholders and hope they will continue to support the bank," he added.
DIB has offered the rights issue only to those shareholders who are registered in the shareholder book with Dubai Financial Market at the close of trading on Tuesday, September 14, 2004. They will have an opportunity to buy up to 50 per cent of the number of stocks already owned. The share capital increase is being offered to them at a nominal value of AED 10 per share in addition to a premium of AED 10.
Subscription, submitting applications, and paying installments will take place at the bank's branches including 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.
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DIB rights issue receives remarkable response from shareholders
- United Arab Emirates: Sunday, September 19 - 2004 at 09:06
- PRESS RELEASE
The rights issue of Dubai Islamic Bank (DIB) to increase the paid up capital of the bank from AED one billion to AED 1.5 billion, received an overwhelming response from shareholders, on Saturday, the first day of the issue.
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Notes and media contacts
For further information, please contact:Sameh Hamtini/ Daniel Camara
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Established on 1975, Dubai Islamic Bank is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with the active assistance of the UAE Government, the Central Bank and the people of the UAE. The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. Leveraging the strengths of Islamic business and economic concepts on one hand and state-of-the-art banking technology on the other, DIB creates partnerships with its customers to generate profits, which are then shared with them. DIB has created a vast array of Islamic banking and finance products to suit every conceivable need of its customers.
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, September 19 - 2004 at 09:06 UAE local time (GMT+4)
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