Bahrain Islamic Bank BISB.BH postponed a planned $143 million rights issue on Monday citing market conditions, after Bahrain was hit by clashes between its Shi'ite population and the Sunni-led government. Bahrain Islamic is a small retail bank that said last July it planned to raise about 54 million dinars ($143.2 million) in additional capital.
It posted a 2010 net loss of 39 million dinars as it wrote down some property investments and booked impairment provisions.
"Due to market conditions that are beyond the bank's control...the bank's board of directors has resolved in its meeting on Sunday 6 March 2011 to postpone the rights issue," it said in the statement.
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