SHARJAH- The General Assembly of the United Arab Bank, UAB, has authorised the board of directors of the Bank to increase the issued capital of the Bank.
The meeting held today in Sharjah was chaired by Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors.
Managed by Abu Dhabi Securities Market, ADX, under a Registrar Agreement with the Bank, the attendees included shareholders, board members, representatives of the UAE Securities and Commodities Authority and the Economic Development Department of Sharjah Government, Al Tamimi and Company, Emirates NBD, the External Auditors, PWC, and Members of UAB Senior Management.
The shareholders approved the increase in the issued capital of the Bank amounting to AED1,375,033,766 within the authorised capital limit of AED2,750,067,532, through an increase of the Bank's share capital by AED687,516,883. Hence the Bank's issued capital becomes AED2,062,550,649 through the issue of 687,516,883 new shares for AED1/- per share, provided that the amount of any issuance thereunder complies with all applicable laws and requirements of any relevant competent authority.
Sheikh Faisal commented, "UAB's shareholders have again demonstrated their unwavering support and we are honored the majority were present at todays meeting. Throughout the Banks history it has always proved resilient and given the actions taken we are in a much stronger position to generate sustainable returns to our shareholders and support the UAE economy going forward".
Sheikh Faisal thanked the UAE Central Bank, and all its regulators, for their valuable support. In addition he acknowledged the UAE Government for its ongoing leadership and direction as the nation continues to develop and prosper.
Samer Tamimi, Acting CEO commented, "The meeting today was constructive; the approval to increase capital confirmed the commitment of the shareholders and Board of Directors to the transformation strategy to create a simpler, safer and more sustainable Bank."
Copyright Emirates News Agency (WAM) 2018.
The meeting held today in Sharjah was chaired by Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors.
Managed by Abu Dhabi Securities Market, ADX, under a Registrar Agreement with the Bank, the attendees included shareholders, board members, representatives of the UAE Securities and Commodities Authority and the Economic Development Department of Sharjah Government, Al Tamimi and Company, Emirates NBD, the External Auditors, PWC, and Members of UAB Senior Management.
The shareholders approved the increase in the issued capital of the Bank amounting to AED1,375,033,766 within the authorised capital limit of AED2,750,067,532, through an increase of the Bank's share capital by AED687,516,883. Hence the Bank's issued capital becomes AED2,062,550,649 through the issue of 687,516,883 new shares for AED1/- per share, provided that the amount of any issuance thereunder complies with all applicable laws and requirements of any relevant competent authority.
Sheikh Faisal commented, "UAB's shareholders have again demonstrated their unwavering support and we are honored the majority were present at todays meeting. Throughout the Banks history it has always proved resilient and given the actions taken we are in a much stronger position to generate sustainable returns to our shareholders and support the UAE economy going forward".
Sheikh Faisal thanked the UAE Central Bank, and all its regulators, for their valuable support. In addition he acknowledged the UAE Government for its ongoing leadership and direction as the nation continues to develop and prosper.
Samer Tamimi, Acting CEO commented, "The meeting today was constructive; the approval to increase capital confirmed the commitment of the shareholders and Board of Directors to the transformation strategy to create a simpler, safer and more sustainable Bank."
Copyright Emirates News Agency (WAM) 2018.
