Ajman Bank’s shareholders approved the issuance of $150 million Tier 1 Sukuk (not- convertible to shares) at the bank’s annual general meeting (AGM) held on Monday.
Shareholders authorized the board of directors to determine the date of issuance, after obtaining the approvals required from the relevant regulatory authorities, the bank said in a statement on Dubai Financial Market.
Ajman Bank had posted a drop in net profit for the year 2019 to 84.4 million UAE dirhams ($23 million), down from 170 million UAE dirhams in 2018.
The bank’s net operating income rose to 636 million UAE dirhams in 2019, from 546.9 million UAE dirhams in 2018.
(Writing by Gerard Aoun; editing by Seban Scaria)
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