ADIB Egypt sees over subscription on its issued, paid-up capital raise by 93.48%

The Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) revealed that subscription to its issued and paid-up capital raise was covered by 93.48%, according to a stock exchange statement on Wednesday.

A total of 93.48 million shares were subscribed during the first phase of subscription, which took place from 18 December 2022 to 16 January 2023. However, the remaining shares, amounting to 6.51 million shares, will be offered through a second phase of subscription.

In October 2022, the lender’s ordinary general meeting (OGM) approved increasing the bank’s issued and paid-up capital by EGP 1 billion to EGP 5 billion from EGP 4 billion. 

The capital hike will be distributed over 100 million shares at a nominal value of EGP 10 a share.