Ithmaar to hold rights issue in January

Bahrain-based Islamic lender Ithmaar will hold its planned rights issue in January, its chief executive said.

In October, Ithmaar said it would raise $400-$500 million (Dh1.46-Dh1.83 billion) through a mixture of a rights issue, worth around $200m, a convertible Islamic bond and a credit call option to shore up its balance sheet.

"If you ask me for the target launch date, I would say the first week of January, the first 10 days," Mohamed Hussain said at the sidelines of a conference in Manama.

Like other investment houses in Bahrain, Ithmaar wants to recapitalise after posting losses due to provisions.

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