Abu Dhabi Commercial Bank (ADCB), listed on the Abu Dhabi Securities Exchange (ADX), announced that funded commitments for its rights issue have more than doubled.
The bank confirmed that it secured over AED12 billion (USD 3.3B) in commitments from domestic, regional, and international investors for its AED6.1 billion rights issue, according to a disclosure to the ADX.
The subscription window for the rights issue closed on 4 December.
Mubadala Investment Company, ADCB’s majority shareholder, fully subscribed to its allocated portion of new shares, offering strong anchor backing. The exact subscription value was not revealed.
The remaining shares were oversubscribed by more than three times, signalling robust investor confidence in ADCB’s strategic direction and growth plans, the bank noted.
ADCB described the offering as the largest rights issue ever undertaken by a company primarily listed on the ADX.
Group CEO Ala’a Eraiqat said the bank is now entering a bold phase of technology-led expansion.
The bank stated that the proceeds will support organic growth and bolster its capital position ahead of upcoming regulatory adjustments, although details of these changes were not provided.
