Bank of Sharjah's OGM approves $1bln securities issuance

The shareholders also agreed on raising the foreign ownership limit

  
Investor holds tasbeeh as he monitors electronic boards displaying stock information at ADX Abu Dhabi Securities Exchange stock market. Image of ADX used for illustrative purpose.

Investor holds tasbeeh as he monitors electronic boards displaying stock information at ADX Abu Dhabi Securities Exchange stock market. Image of ADX used for illustrative purpose.

REUTERS/Stringer .
Abu Dhabi – The ordinary general meeting (OGM) of Bank of Sharjah has approved to issue non-convertible Tier 1 capital perpetual securities at a total value not exceeding $1 billion.

The OGM will authorise the board to set the date of issuance, which should be completed within one year from the date of the OGM's approval, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday.

During the meeting, the shareholders also agreed on raising the foreign ownership limit in the bank's share capital to 40% from 30%.

Meanwhile, the OGM approved to renew the bank's $2.5 billion Euro Medium Term Note Programme.

It is noteworthy to mention that as of the first quarter (Q1) of 2021, the bank has incurred accumulated losses of AED 444.909 million, accounting for 21.19% of the capital.

Source: Mubasher

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