United Arab Bank general assembly approves increase in issued capital

Media IN / Sharjah January 16 / Agencies.

The United Arab Bank (UAB), headquartered in Sharjah, held a meeting yesterday at the Coral Beach Resort where the Board of Directors of the Bank was authorized to complete the capital increase.

The shareholders approved the Board of Directors’ proposal to increase the Bank’s issued capital amounting to AED 1,375,033,766 within the authorized capital limit of AED 2,750,067,532, ie the increase in the Bank’s share capital by AED [687,516,883] The issued capital of the Issuer becomes AED 2,062,550,649 through the issuance of [687,516,883] new shares of AED 1 per share provided that the amounts of these issuances comply with all applicable laws and the requirements of any competent authority.