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THE board of Bahrain Islamic Bank (BIsB) announced that subscriptions to the rights offering is scheduled to open on September 16 and run until September 30.
The record date for the rights entitlement will be September 12. The bank will issue 283,360,000 new ordinary shares at BD0.300 each on a rights privileged subscription.
The bank will raise BD85 million through the rights offering which marks a major new strategic direction for the bank in its plan to expand to the wider GCC market.
This will propel the bank into the next stage of growth in light of the opportunities present in the market as well as the competition.
Mohammed Ebrahim Mohammed, BIsB acting CEO said: “We believe that the time is right to become a larger, more focused and dedicated bank.
The future outlook for Islamic banking is strong in the region, and BIsB with its long-standing market presence and commitment to Bahrain and the GCC is well-poised to take advantage of these market opportunities.”
Applications will be accepted during the subscription period at all branches of Bahrain Islamic Bank. Copies of the information memorandum and applications forms will be available for collection from BIsB, Securities & Investment Company and KPMG Fakhro.
Securities & Investment Company was appointed as the issue manager for the rights offering.
Hatim S. Zu’bi and Partners is the legal adviser, Ernst & Young is the auditor and the registrar is KPMG Fakhro.
