Ithmaar in new rights, Sukkuk issue

Ithmaar Bank plans to raise up to $500 million through a rights issue and a five-year Mandatory Convertible Sukuk.

“We have received the Central Bank of Bahrain’s No Objection in respect of the Mandatory Convertible Sukuk,” said Khalid Abdulla Janahi, the chairman of the bank.

“As for the rights issue and equity line of credit, they will be subject to the approval of the regulatory authorities in the kingdom of Bahrain. The benchmark size of the capital raising plans is between $400 million and $D500 million. All the above will further strengthen our capital base and liquidity position.”