Latham & Watkins has advised Abu Dhabi Islamic Bank PJSC (ADIB) on its rights issue, a move that is expected to help the bank push for more growth, boost its capital base and add funding for operations.

The transaction signaled the first time that rights issued by a UAE bank have been traded on the Abu Dhabi Securities Exchange. It also raised ADIB’s share capital by 168 million dirham ($46 million) to 3.168 billion, and allowed existing shareholders to subscribe to 56 new shares for every 1,000 held at a price of 3 dirhams each.

One of the top Islamic banks in the Middle East, ADIB was represented by a Latham & Watkins team headed by Dubai-based corporate partner Nomaan Raja.