Tuesday, July 12, 2005

First Gulf Bank rights issue oversubscribed

12 July 2005


DUBAI — First Gulf Bank received tremendous response from the shareholders to the recent increase in capital from Dh502 million to Dh1billion. This was announced yesterday by the bank.

At the end of the subscription period, which closed yesterday, the shares were over subscribed by Dh 2.7 billion, in excess of 54 per cent. The total subscriptions received were for Dh7.7billion. FGB is now UAE's highest equity-based bank with a total equity of Dh7.2 billion.

The rights issue is currently under review by the external auditors of the bank and it is expected that the allotment letters and refund cheques are to be dispatched to the shareholders by July 17.

Andre Sayegh, chief operating officer of First Gulf Bank, said, “The shareholders strongly believe in the bank's business strategy and their tremendous response during the last ten days was a clear confirmation of their commitment to the bank and their faith in FGB's future growth potential. With the increase in equity, FGB will play a key role in the domestic economy by supporting the major infrastructure projects in the various business sectors. Accordingly, this will have a substantial positive impact on the liquidity in the market. ’’

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