United Arab Bank P.J.S.C. (“UAB”) held its General Assembly (GA) on Monday, 15January 2018, at the Coral Beach Resort in Sharjah. Chaired by H.E. Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, the GAauthorized the board of directors of the Bank to increase the issued capital of the Bank.

The meeting was managed by Abu Dhabi Securities Market (“ADX”), under a Registrar Agreement that the Bank has signed with ADX, and attended by Shareholders, Board Members, Representatives of the UAE Securities and Commodities Authority and the Economic Development Department of Sharjah Government, Al Tamimi & 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 AED 1,375,033,766 within the authorized capital limit of AED 2,750,067,532, through an increase of the Bank's share capital by AED [687,516,883]. Hence the Bank's issued capital becomes AED 2,062,550,649 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.

Sh. Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, commented: "UAB's shareholders have again demonstrated their unwavering support and we are honored the majority were present at today’s meeting. Throughout the Bank’s 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”.

On behalf of the Board of Directors, Sh. 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.

Commenting on the GA, Mr. Samer Tamimi, Acting CEO said: “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.” 

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