The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
The merger of the National Bank of Abu Dhabi (NBAD) and the First Gulf bank (FGB) will leave the newly integrated entity with a larger representation on the MSCI Emerging Markets index, triggering massive cash inflows to the stock, according to Rashid Al Baloushi, CEO of Abu Dhabi Securities Exchange (ADX).
Speaking to Emirates News Agency, WAM, Al Baloushi expected a considerable increase in foreign investment in the new share over the coming period, which will translate into more inflow to the stocks.
March 30, Thursday, marks the last day of trading in FGB before its combination with NBAD. The newly integrated entity starts trading on 2nd April, 2017, as per Abu Dhabi Securities and Commodities Authority’s approval, with FGB stockholders receiving 1.254 shares for each one they own before the merger.
For technical considerations related to the procedures taken for the unification of the records of
the two banks’ stakeholders in the new entity, it has been decided
that FGB’s shares will be delisted from the stock exchange on Thursday, March 30.
As per ADX instructions, the reference rate of NBAD’s shares on the trading session of Sunday, April 2nd, will be its last price traded on March 30, which is AED 10.25.