By Ramy Sameeh
Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) will start the cancellation of its treasury shares in the first quarter of the year 2017, according to the bank's chief executive.
The actual cancellation process will start early next year, as per applicable laws in the UAE, said CEO Alaa Eraiqat, during the company's ordinary general meeting held Tuesday.
ADCB was cleared by Securities and Commodities Authority (SCA) and UAE's central bank in January 2013 to buy back a maximum of 10% of its shares.
In January, 2015, the bank announced it repurchased 7.1% or its shares, or 397.3 million shares, at an average price of AED 6.5.
