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Invest Bank looking into subsidizing Sharjah government

The Board of Directors of Invest Bank said it will consider the entry of the Government of Sharjah or any of its subsidiaries as a strategic investor after getting the approval of the Central Bank and the Securities and Commodities Authority.

In a disclosure published today on the website of the Abu Dhabi Securities Exchange (ADX), the Bank invited its shareholders to attend the General Assembly Meeting on April 10th to consider the issue.

According to the disclosure, the Bank will consider the increase of its share capital in favor of the strategic investor by 1,592,857,143 shares to be issued to the Government of Sharjah or its wholly owned subsidiary as a strategic investor at a par value of AED1.00 with an issue discount equating to AED 0.30 per share whereby AED0.70 per share is paid and the par value per issued share is deemed paid in full.

The bank will also consider having an authorised share capital equal to AED6.3 bn after the issuance of the capital increase shares to the strategic investor.

The General Assembly will also consider the amendment of Article 5 of the Bank’s Articles of Association so that the proposed merger with a bank or more, whether or not the strategic investor is a shareholder in any one or more of the merging banks, shall be in accordance with the requirements of the Central Bank and the relevant applicable legislation without the need for any other approval or vote by the shareholder in relation to the Merger.

Source: WAM

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