During its meeting, the General Assembly discussed the Bank's proposed capital restructuring plan by the Board of Directors, and a number of items aimed at enhancing the Bank's performance and advancing its financial and economic growth, which will contribute to adjusting the Bank's capital to reach AED 3,202,492,929, through priority rights issue of 260 billion shares.
The assembly approved the bank's conclusion of a guarantee agreement with the Government of Sharjah at a value of 3 billion dirhams, according to which the bank's accumulated losses will be written off, and the approval of authorising the bank's CEO to sign the agreement.
The shareholders also approved the amendments to the articles of association of the bank in accordance with Federal Decree-Law No. (32) of 2021 regarding commercial companies, and in line with the governance regulations issued by the Central Bank of the United Arab Emirates, changes in its law, and governance decisions issued by the Securities and Commodities Authority, and in accordance with the final approvals of these regulatory authorities.
The amendments included 75 articles in the various chapters of the company’s law, namely: the company’s incorporation, the company’s capital, other debt instruments, bonds and sukuk, the board of directors, the general assembly, the auditor, and the company’s finances. The meeting also approved making amendments to the bank’s optional reserve account.
The assembly also approved all other items included in the agenda of the extraordinary meeting.
In this regard, Ahmad Mohd Abu Eideh, CEO of Invest Bank P.S.C., said: “We , at the Investment Bank, always strive to align our efforts with the wise vision of the Government of the Emirate of Sharjah, and to follow in the footsteps of the ambitious economic agenda of the United Arab Emirates, which we are committed to implementing in every aspect of our operations to support the country’s vision of growth and development.” Our first and last mission is still to find the best innovative solutions for our clients and investors to always remain fully trusted.”
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