Abu Dhabi – Mubasher: Bank of Sharjah has obtained the approval of its shareholders to increase the capital by AED 800 million to AED 3 billion, according to a press release.
The capital hike aligns with the bank’s future growth plans to boost its financial position, in addition to reinforcing its ability to pursue new opportunities and investments.
In this regard, the UAE lender will issue 800 million new shares at a par value of AED 1 per share.
Following the increase process, Sharjah Asset Management, the investment arm of the Sharjah government, will raise its equity ownership in the bank to nearly 40% from 17.16%.
Both the Central Bank of the UAE (CBUAE) as well as the Securities and Commodities Authority (SCA) greenlighted the capital raise.
Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Bank of Sharjah, commented: "This significant capital injection is a testament to the unwavering confidence our strategic shareholder places in our vision and future endeavors.”
“With this boost, we are now empowered to accelerate growth, enrich customer experiences, reward shareholders, and make a profound impact on the community at large," Al Qasimi highlighted.
Last year, the ADX-listed bank shifted to net losses worth AED 159 million, compared to net profits valued at AED 42 million in the January-December 2021 period.
