Ajman Bank AED 550 Million Rights Issue Oversubscribed 7.4 times

Press release

Published August 7th, 2023 - 09:00 GMT

Ajman Bank AED 550 Million Rights Issue Oversubscribed 7.4 times

Mr. Mohamed Amiri

Ajman Bank’s AED 550 million Rights Issue saw an overwhelming response indicating oversubscription of 7.4 times, with a total demand of AED 4.1 billion. The initiative attracted many international investment banks and local investors.

The Rights Issue offered both registered shareholders and other investors the chance to subscribe to the newly issued shares at a price of 1 AED per share, matching the nominal value of Ajman Bank’s ordinary shares.

The Rights Issue will strengthen the capital base of the Bank and the share capital will be increased to AED 2.7 billion after the completion of allocation process and the regulatory requirements.

Mr. Mohamed Amiri, Chief Executive Officer of Ajman Bank, commented, "The success of the Rights Issue underscores the unwavering trust and support of our shareholders. This positions us strategically to roll out our growth strategies and continue providing unmatched value to our shareholders. Our advisers played a pivotal role in ensuring the success of this endeavor. This achievement is also a testament to the robust UAE economy, setting us on the path to offer sustainable returns."

Allocation of shares to the investors is expected on or around 9 August 2023 with refunds due to commence on or around 11 August 2023. Commencement of dealing in new shares is expected on or around 16 August 2023.

Background Information

Ajman Bank

Ajman Bank is a young, agile Islamic commercial bank that provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.