Abu Dhabi – Mubasher: Invest Bank announced that its general assembly will approve several decisions in the coming meeting that will be held on Wednesday, 10 April.
The general assembly meeting will greenlight the entry of the government of Sharjah or any of its subsidiaries as a strategic investor, after obtaining the approval of the Central Bank of the UAE and the Securities and Commodities Authorities (SCA), the bank said in a recent filing to the Abu Dhabi Securities Exchange (ADX).
It will also agree upon the increase of the bank’s share capital in favour of the strategic investor via issuing 1.592 billion shares to the government of Sharjah, or its wholly owned subsidiary, as a strategic investor at a par value of AED 1 per share.
The bank will have an authorised share capital equal to AED 6.3 billion after the issuance of the capital increase shares to the strategic investor, the statement highlighted.
The issuance of new shares comes to complete the requirements of the central bank of the UAE (CBUAE).
On the other hand, the general assembly of the Abu Dhabi-based lender will accept the resignation of the current board and elect other nominated directors, subject to the approval of the CBUAE, from the date of the meeting.
