During its Annual General Meeting, Bank of Sharjah was granted approval to increase its capital by AED 800M. This strategic move aims to bolster the bank’s financial position and facilitate future growth. The plan involves the issuance of 800 million new shares at par.
Sharjah Asset Management, which serves as the investment arm of the Sharjah Government, will be the primary recipient of this capital increase. As a result, its ownership stake in the bank will rise from 17.16% to approximately 40%, highlighting the bank’s strong and ongoing partnership with the Sharjah Government.
Bank of Sharjah has already obtained the necessary approval from the Central Bank of the United Arab Emirates (CBUAE) and the Securities and Commodities Authority (SCA) for this capital increase, according to WAM.
“This significant capital injection is a testament to the unwavering confidence our strategic shareholder places in our vision and future endeavors,” said Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah. “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.”
“The capital increase will bring the Bank’s total capital to AED 3B, significantly bolstering its financial position and enhancing its ability to pursue new opportunities and investments,” he added.
