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United Arab Bank's cash call oversubscribed by 124%

United Arab Bank PJSC completed its planned capital increase after receiving subscriptions equivalent to 124% of the original amount available.

The rights issue, which raises the bank's issued capital to about 2.06 billion United Arab Emirates dirhams from 1.38 billion dirhams, ended March 7. It comprised 687,516,883 newly issued shares, priced at 1 dirham per share.

The bank is in the process of completing the capital increase and is seeking relevant approvals.

As of March 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.