United Arab Bank’S Rights Issue Successfully Subscribed By 124%

date

14-Mar-2018

Sharjah, UAE, 12 March2018 United Arab Bank is pleased to announce the successful completion of its capital increase, which ended on March 7, 2018, to increase the Bank's capital for an amountof AED687.5 millionto add on the Bank's issued capital of AED 1.375 billion.The Rights Issue will be in the form of 687,516,883 newly issued Shares, with new shares priced at AED 1 per share, and which would increase the Bank's issued share capital to AED 2.063 billion. The Rights Issue has been oversubscribed with the Bank receiving total subscriptions of AED850m which represent 124% of the original amount being made available for subscription. The bank is currently completing the process of increasing the capital and is seeking to obtain all required approvals in coordination with the Securities and Commodities Authority. Sheikh Mohammed bin Abdulla Al Nuaimi, Acting Chief Executive Officercommented“The oversubscription of the Rights Issue reflects the confidence that our shareholders have in the Bank and its future endeavours. Ourrevised business model which is backed by the strong economy in the UAE positions us well to deliver sustainable returns for our shareholders going forward.” UAB reported a Net Profit of AED17m in 2017 as the successful execution of its Transformation Strategy paved the way for a return to profitability. The Bank has substantially strengthened its Balance Sheet, focused on core activities, de-risked the business and captured material cost savings.
About UAB: United Arab Bank was incorporated in 1975 as a private joint stock company in the Emirate of Sharjah, United Arab Emirates. The legal form of the Bank was converted to a public joint stock company pursuant to Emiri Decree No. 17/82 issued by His Highness the Ruler of the Emirate of Sharjah on 29th July 1982. On 21st March 2005, the Bank’s issued share capital was listed on the Abu Dhabi Securities Exchange. UAB offers its customers a comprehensive suite of Corporate and Institutional Banking services supported by Trade Finance, Retail Banking and Treasury services, in addition to Islamic Banking solutions, thus positioning the Bank as the partner of choice among major corporate clientele segments. To know more about UAB, please visit our corporate webpage at: www.uab.ae
 

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