Ajman Bank has announced a AED675 million rights issue to help bolster the bank’s capital. Ajman Bank will issue 500 million new shares at AED1.35/share (33% discount to market price) with the subscription period running between May 30 and June 12. Shareholders can subscribe for one new share for every 2.247 shares they hold. Those wishing to sell their rights to buy new stock can do so between May 22 and June 5. As of 2015, the bank’s CAR was 13.4% and Tier 1 ratio was 12.14% which is low relative to the sector (CAR: 18.3%, Tier 1: 16.6%). The government of Ajman owns a 25% stake in the bank. (Reuters, company disclosure)