Arab Today, arab today adx introduces rights issue
Last Updated : GMT 17:51:09
Arab Today, arab today
Arab Today, arab today

ADX introduces rights issue

Arab Today, arab today

Arab Today, arab today ADX introduces rights issue

The exterior of ADX prison, Florence, Colorado
Abu Dhabi - WAM

In line with its strategic objectives of diversification of financial products and the introduction of new investment tools, the Abu Dhabi Securities Exchange, ADX, yesterday started applying Rights Issue trading.
Eshraq Properties, listed on the exchange under the ticker symbol ESHRAQ, received ADX approved for a capital increase through a rights issue in the amount of AED600 million. The increase, representing 34.78%, will be converted into 600 million shares at a par value AED1 per share.
Rights Issue allows a shareholder who does not want to, or cannot, subscribe to the share increase, to sell his rights for financial benefit.
The U.A.E. capital markets regulator, Securities and Commodities Authority (SCA), approved earlier last year the regulation concerning trading in rights issues on the U.A.E. financial markets.
A Rights Issue is considered an invitation to existing shareholders to purchase additional shares in the company at a discounted market price.
Companies use Rights Issues to raise capital. In certain cases, companies will have thier Rights Issue underwritten by an investment bank for reassurance that it will raise the finances.
A Rights Issue is a great addition to the markets and will further boost trading, thus increasing investment flows and institutional participation. It will also help increase liquidity and provide shareholders of public joint stock companies the opportunity to achieve returns on their rights issue without participating in it.

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