Bank raises cash in share sale

7 Days in Dubai - - BUSINESS -

Aj­man Bank PJSC has raised Dhs675 mil­lion through a rights is­sue. It said that the rights is­sue, which sees in­vestors of­fered more shares as a way of rais­ing cap­i­tal for the busi­ness, was 195 per cent over-sub­scribed. It said the pro­ceeds will be used to strengthen the cap­i­tal base of the bank and to com­ply with the Cen­tral Bank cap­i­tal ad­e­quacy re­quire­ments, to meet busi­ness needs of the bank’s cus­tomers and to gen­er­ate cash flows.

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