UAB's shareholders raise foreign ownership to 40%

The shareholders have also approved to offset all the accumulated losses

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of United Arab Bank (UAB) has approved raising the foreign ownership limit to 40%, setting the national ownership not to fall below 60% of the capital at any time.

During the OGM, shareholders have also approved to offset all the accumulated losses of AED 897.90 million as of 31 December 2019, according to the bank's recent disclosure to the Abu Dhabi Securities Exchange (ADX).

The bank's accumulated losses will extinguish the accumulated losses by deducting the special reserves of AED 422.10 million and statutory reserves of AED 475.80 million.

Meanwhile, the OGM agreed on issuing non-convertible additional tier 1 instruments up to AED 250 million.

It is noteworthy to mention that in 2019, the bank has logged a net loss amounting to AED 470.753 million, versus a net profit of AED 77.227 million in 2018.

Source: Mubasher

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