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Sharjah Islamic Bank PJSC (SIB) plans to raise up to AED 2.59 billion ($705 million) through a rights issue to strengthen its capital base and grow the balance sheet.
The proposed rights issue will increase SIB’s issued capital from AED 3.23 billion to AED 4.31 billion through the issuance of more than 1 billion new shares.
The new shares will be offered at AED 2.40 per share, comprising a nominal value of AED 1.00 and a share premium of AED 1.40, representing a 37% discount to the bank’s closing share price on the Abu Dhabi Securities Exchange on 13 February 2026.
Emirates NBD Capital has been appointed as the lead manager.
The Government of Sharjah holds a significant stake in SIB through Sharjah Asset Management LLC and the Sharjah Social Security Fund.
(Writing by Brinda Darasha; editing by Seban Scaria)
