On 23 March 2018, FIMBank plc announced that it has been granted approval by the Listing Authority for the issuance of up to 209,687,428 new ordinary shares of FIMBank through a rights issue. In this respect, shareholders as at the close of trading on Tuesday 20 March 2018 will be entitled to subscribe to 2 new ordinary shares for every 3 shares held at the rights issue price of USD0.55 per share. FIMBank explained that any lapsed rights will be offered to Financial Intermediaries through an Intermediaries Offer. Moreover, United Gulf Holding Company B.S.C. (“UGH”), which is the majority shareholder of FIMBank with a stake of 61.17%, has undertaken to subscribe to any such number of new ordinary shares not subscribed to during the Intermediaries Offer up to a maximum aggregate value of USD105 million.
Further detailed information on the Rights Issue will be available in a Prospectus dated 23 March 2018 which will be made available as from 3 April 2018.