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Gulf Today
03-06-2025
- 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
Time of India
14-05-2025
- Business
- Time of India
Rs2,300 Crore in Pending Bills Stall Key Projects Across Nagpur Circle
Nagpur: Several key undertaken by the (PWD) in the Nagpur circle have come to a standstill due to the non-clearance of bills amounting to Rs2,300 crore. The has claimed that the state government has not cleared bills for the last two years, pushing contractors into severe financial distress."Currently, the stand at around Rs2,325 crore in the Nagpur circle, comprising Nagpur, Gondia, and Bhandara districts. Tired of too many ads? go ad free now Contractors are suffering, as many have taken huge loans to complete these projects. With funds not being released, their debt continues to mount," Subodh Sarode, president of the Nagpur Contractors' Association, told to data shared by the association, Nagpur district alone has pending bills amounting to Rs1,525 crore, including Rs1,174 crore related to works on roads, bridges, and road-over-bridges (RoBs) under various categories. Gondia district has a pendency of Rs501 crore, while Bhandara district's dues stand at Rs298 February this year, contractors went on a statewide strike over pending payments, following which the government released some funds in March. However, the association claims the release was inadequate. "The government released only about 8% to 10% of the total pending dues, and some contractors haven't received a single rupee. Although we have put the protest on hold, the situation remains grim," Sarode said."Contractors are only working on projects that would suffer further losses if delayed by the rains. While the government continues to approve new projects, it must first clear the old dues. Otherwise, new contractors will also get caught in the same debt trap," he attempted to reach PWD's superintending engineer Janardhan Bhanuse, for comment, but he was unavailable. However, several senior PWD officials confirmed that pending bills have affected many projects."The situation is serious. The government must clear the backlog to ensure the timely completion of projects. It should also consider pausing new project approvals until the existing pendency is resolved," said a senior PWD official, adding that even banks involved in the Hybrid Annuity Model (HAM) projects are now exposed to financial risk.
Gulf Today
26-03-2025
- Automotive
- Gulf Today
Car workshop fined Dhs198,000 for vehicle damage in UAE
Al Ain Court of First Instance has ordered a car maintenance workshop to pay Dhs198,000 to the owner of a vehicle who had left her car at the workshop for maintenance, but during that time, the vehicle sustained damage due to adverse weather conditions, as the workshop neglected to store it in a safe place, so the car owner filed a lawsuit against the workshop, demanding compensation for the value of the car and additional damages. The judge appointed a technical expert who submitted a report stating that the vehicle had been damaged in a traffic accident during the warranty period and it was handed over to the workshop for repair, where it was left in an open area at the time of a rainy storm, so it sustained damages, became unfit for driving and would be deregistered by the traffic department. The report indicated that the value of the vehicle on the day of the accident, which led to its admission to the workshop, was Dhs193,325, and the court noted that based on the expert's report, which the court found credible, it determined that the workshop was responsible for the damage and, consequently, for compensating the plaintiff for the damages incurred by the vehicle. Therefore, the court ordered the workshop to pay the plaintiff Dhs193,000, in addition to Dhs5,000 in compensation.
