National Bank of Fujairah to list its shares on ADSM

DUBAI, 24 Oct, 05 (WAM) - National Bank of Fujairah (NBF) announcedyesterday that its shares will be listed and traded on the AbuDhabi Securities Market (ADSM). Senior bank officials statedthat the move was aimed at increasing shareholder value and atthe same time, increasing transparency by complying with ADSMregulations.

The intention to list NBF's shares on the ADSM was announcedby Shaikh Saleh bin Mohammad Al Sharqi, Chairman of the Bank,at the annual general meeting held in April earlier this year,according to a report in Khaleej Times.

Present at the listing ceremony held at the Abu Dhabi SecuritiesMarket were Dr. Sulaiman Al-Jassim, NBF Board Member and theBank's General Manager Asad Aziz Ahmed, while representing theADSM was Khalid Khalifa Al-Sweidi, Manager of Company Affairs.

Since its inception in 1982, the bank has continued to showall round growth, evidenced recently by NBF assets growing toDh 4.23 billion in 2004 from Dh 3.40 billion in 2003. The Bankhad concluded a rights issue, which raised an additional Dh225million of shareholders' funds. Shares were offered to existingshareholders who fully subscribed to the rights share offering.

The bank thus increased its share capital by Dh150 million andraised a further Dh75 million as share premium, bringing thetotal raised to Dh225 million.

"We welcome National Bank of Fujairah to the Abu Dhabi SecuritiesMarket and would like to invite all National Bank of Fujairahshare holders to deposit their ownership certificates directlyat the ADSM either through banks or certified brokers," saidKhalid Khalifa Al-Sweidi, Manager of Company Affairs at the ADSM.

The shares, which have been traded 'over the counter' (OTC)for many years, will now only be available for trading on theADSM.

Commenting on the move, the Bank's General Manager Asad AzizAhmed, said: "We are delighted that National Bank of Fujairahshares will now be actively traded on the Abu Dhabi SecuritiesMarket, which will greatly benefit our current shareholders.

Listing on the ADSM also means that a wider selection of investorswill be able to participate in the bank's growing success." NBFhas always been a trend-pusher in the regional banking market.

In 1990, the company became the first bank in the Emirates toadopt International Accounting Standards. In 1995, NBF doubledits capital by means of a share issue to existing shareholders,which was fully subscribed. Regular capital increases have resultedin paid-up share capital of Dh 904.73 million and total shareholders'funds of Dh1.2 billion as on 30th June 2005.

In the events leading up to the listing on the ADSM, NBF announceda record year in 2004 with net profits increasing to Dh125.5million against Dh93 million in 2003, representing a 35 per centincrease. In June 2005, bank profits increased by 35.73 percent as compared to the same period last year, from Dh55.33 millionto Dh75.11 million.