The face value is AED 2.5 per share. The board will seek approval for the proposed increase during the extraordinary Annual General Meeting (AGM) to be held first quarter 2005. After which the bank will finalize the procedures for capital increase in compliance with the existing corporate laws.
Besides approval from the shareholders, the capital increase decision has to be ratified by the UAE Central Bank and the Ministry of Economy and Planning, UAE. The share capital increase will be offered to the existing National Bank of Sharjah shareholders at a premium that will be announced after requisite approvals from the Ministry of Economy and Planning.
"The increase in paid-up capital is in line with our development and expansion strategy for 2005," said Hussein Al Qemzi, General Manager, National Bank of Sharjah (NBS). The bank has achieved record growth in the last three years at all levels, especially in its retail, corporate and investment portfolios since its successful conversion from conventional to Islamic banking.
"With this, the bank will open more branches in Sharjah, Dubai and the rest of the Emirates to have wider reach in the market," Mr. Qemzi added.
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National Bank of Sharjah raises capital to 1 billion dirhams
- United Arab Emirates: Thursday, December 09 - 2004 at 07:50
- PRESS RELEASE
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The board of directors of the National Bank of Sharjah has announced an increase in the paid up share capital of the bank from AED 386 million to AED 1 billion through a rights issue.
Hussein Al Qemzi, General Manager, National Bank of Sharjah (NBS).
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Posted by Anne-Birte Stensgaard, Senior News EditorThursday, December 09 - 2004 at 07:50 UAE local time (GMT+4)
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This article was updated on Sun Aug 20 2006.
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