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ADX credits Right Issue share of Julphar at value of Dh500m

Filed on June 22, 2020

(KT file)

Abu Dhabi Securities Exchange (ADX) announced that it has credited the Right Issue share of Gulf Pharmaceutical Industries (Julphar) with ratio 76.31 per cent for registered Julphar shareholders as of June 18, 2020, whereby it got credited in the respective shareholder' accounts with brokers, custodians and CSD in the CSD Electronic System.

It added that trading on the Right Issue shares will start from trading session of Tuesday, June 23, 2020. 

The company is expected to raise its capital under the Right issue share from Dh655.2 million to Dh1.155 billion by offering 500 million shares with a nominal value of Dh1 per share and without an issuance premium.

The increase in capital will be used to pay off the company's current obligations and enhance its financial solvency. On the other hand, the proceeds will be used to search for and develop new products that support the development of the company's business and future plans. 

It should be noted that the share of UAE citizens must not be less than 51 per cent of the issued capital of the company.

- Wam

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