ADIB Egypt rights issue

[sharewadi]

ADIB's new Egypt acquisition, National Development Bank (or National Bank for Development?), is having a rights issue. I notice Reuters say how much the NDB acquisition cost ADIB. I thought ADIB hadn't disclosed that information (I think I even asked them after the Q1 results - and got no response) ...

ADIB buys Egypt bank - April 2007

Reuters 10 June 2008:

Egypt's NBD raises capital in a rights issue by Jonathan Wright CAIRO - Egypt's National Bank for Development, majority owned by Abu Dhabi-based companies, plans to raise capital by 50 percent through a rights issue to shareholders, the stock exchange said on Tuesday. Fifty million new shares will be available at 10 Egyptian pounds ($1.87) each, plus an issuance fee of 0.25 pounds a share, to those who own shares at the close of business on June 26, it said in a statement. The offer will start on June 29 and stay open until July 28, the statement added. The operation will increase the bank's capital to 1.5 billion pounds from 1 billion pounds at present, it said. Abu Dhabi Islamic Bank (ADIB) and Emirates International Investment Company paid 159 million pounds in July 2007 for a 51.3 percent stake in the bank. The new owners have not yet been able to make the bank profitable. It lost 144.3 million pounds in the first quarter of 2008, after a 326.6 million pounds loss in 2007. Shares in the bank jumped 6.2 percent to 17.99 pounds when they last traded on Tuesday. ($1 = 5.35 Egyptian pounds)

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