Abu Dhabi – Mubasher: United Arab Bank (UAB) said its shareholders agreed on Monday, 10 April, to withhold dividends for fiscal year 2016, according to a bourse statement.
The shareholders approved the issue of medium-term notes, commercial paper, and certificates of deposit of up to $1 billion.
The shareholders also gave the go-ahead to issue bonds on a standalone basis up to a maximum of $75 million.
UAB losses increased by 148.2% to total AED 610.43 million ($166.17 million) during the fourth quarter of 2016 from AED 245.92 million ($66.94 million) in the same period a year ago. In addition, losses rose by 185.5% to AED 522.69 million ($142.30 million) in FY16 from AED 183.1 million ($49.85 million) in FY15.
