Abu Dhabi Islamic Bank (ADIB) share price abruptly fell 90% on 31 March 2008.
No not really, there was a 10:1 share split. At least, that's what it looks like. Share price at close on 26 March 2008 was 66.30 dirhams, and at close on 31 March 2008 was 6.36 dirhams.
However, there don't appear to have been any ADIB shares traded on 27 Mar 2008 or 30 Mar 2008 (28-29 Mar was the weekend when the Abu Dhabi Securities Market (ADSM) is normally closed). Was share trading suspended then?
Number of shares outstanding is now 1,970,588,230 or 1,970,588,240.
There's no information on the ADSM site to confirm the share split and dates though. It should be clearer when the 2008 Q1 financial report is released but it would have been helpful if ADIB had released disclosures clarifying the stock split and par value .
A search of various other sources says the 10:1 stock split and change in par value to AED 1 was approved at the ADIB AGM on 11 March 2008.
Still, it's about time. Rumours of an ADIB stock split have been floating around since the end of 2006, along with rumours of ADIB foreign ownership but that doesn't seem to have been on the cards in the last meeting.
Isn't there a requirement by the Securities commission to publish in both languages?
sandy _________________ ... the main thing to remember is that the main thing is the main thing......
As far as I know it is. At least, that's what DFM have told me, more than once, when I've phoned them to ask about something published on their site.
However, DFM themselves don't always publish their own disclosures in both languages, so I guess it's one of those more "flexible" requirements that you sometimes get in the UAE . _________________ UAE IPO list | posting guidelines
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