Dubai – Mubasher: The board of Emirates Investment Bank will hold a meeting on 23 January to recommend increasing the lender’s issued capital to AED 1 billion from AED 350 million.
In order to carry out the capital raise, the bank would issue priority rights worth up to AED 650 million, according to a recent bourse filing.
Following the transaction, the new capital will be distributed over 10 million shares at a nominal value of AED 100 per share.
Emirates Investment Bank pointed out that all new shares will be directed to its shareholders without offering them for public subscription.
Once the board proposes the capital hike to the ordinary general meeting (OGM), the process will still be subject to the approvals of the Central Bank of the UAE (CBUAE) as well as the Securities and Commodities Authority (SCA).
In the first nine months (9M) of 2022, the DFM-listed lender incurred net losses attributable to the equityholders worth AED 35.30 million, against net profits of AED 24.58 million in the year-ago period.
The basic and diluted loss per share stood at AED 50.43 in 9M-22, versus earnings per share (EPS) worth AED 35.12 during the same period a year earlier.
Furthermore, the operating income amounted to AED 68.55 million during the January-September 2022 period, lower than AED 71.39 million in 9M-21.
Total assets reached AED 3.47 billion as of 30 September 2022, a leap from AED 2.86 billion as of 31 December 2021.
