Latest news with #093
Gulf Today
6 days ago
- Business
- Gulf Today
United Arab Bank launches strategic Rights Issue to raise up to Dhs 1.03 billion
United Arab Bank PJSC (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to Dhs1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from Dhs2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to Dhs3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the "Invitation") to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website ( on or around today's date. The New Shares will be issued at an issue price of Dhs1 per New Share (the "Issue Price"). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6th March 2025, following the approval of the Board of Directors of the Bank held on 4th February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the "Eligible Persons"), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4th July 2025 and ending on 17th July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24th July 2025. Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, "The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. WAM
The Sun
09-05-2025
- Business
- The Sun
Bitcoin retakes US$100,000 on global trade deal optimism
NEW YORK: Bitcoin topped US$100,000 (RM427,093) on Thursday for the first time since early February, bolstered by a wide-ranging deal between the US and the UK in a sign that perhaps US President Donald Trump's trade war with the rest of the world is easing. By midday, bitcoin was trading at US$101,329.97, a 4.7% gain on the day. The world's biggest cryptocurrency has clawed its way back into positive territory for the year, although it remains below the record high of more than US$109,000 reached in January. Ether, the cryptocurrency for the Ethereum blockchain, surged more than 14% to US$2,050.46 after earlier hitting its highest since late March. Trump and British Prime Minister Keir Starmer on Thursday announced a 'breakthrough deal' on trade that leaves in place a 10% tariff on UK goods imported into the US, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to US goods. The agreement is the first since Trump triggered a global trade war with a barrage of tariffs on trading partners following his return to the White House in January. 'The retaking of US$100,000 must go down as one of bitcoin's more formidable feats and is a reminder that buying peak fear – just last month bitcoin was languishing around US$74,000 – can be exceptionally lucrative,' Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment. 'The speed of the rebound to US$100,000 amid a resumption of risk appetite sends a signal that US$109,000 and above are in its sights, as buying from long-term holders – those holding for at least 155 days – more than offsets selling by short-term holders.' Bitcoin and other crypto prices fell sharply between February and April, as traders fretted about Trump pushing through pro-crypto reforms more slowly than anticipated. The president's announcement of widespread tariffs in early April triggered a dash into safe havens, with bitcoin and other crypto prices tumbling in tandem with stocks and other higher risk assets. Other cryptocurrencies have not recovered so strongly, with ether still 50% off its late 2024 highs. Joel Kruger, market strategist at fintech company LMAX Group, said institutional investor inflows into bitcoin exchange-traded funds, easing geopolitical tensions and Chinese measures to boost monetary stimulus had contributed to bitcoin's surge. – Reuters
