Sultan bin Ahmed chairs Investment Bank Extraordinary GA meeting

Sultan bin Ahmed chairs Investment Bank Extraordinary GA meeting

SHARJAH, 27th April, 2023 (WAM) – H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Chairman of the Board of Directors of the Investment Bank, presided over the Bank's Extraordinary General Assembly meeting. The meeting was held at the House of Wisdom and was attended by members of the Board of Directors, bank shareholders, and representatives of the executive management, both physically and through video communication.

During the meeting, the General Assembly discussed the Board of Directors' proposed capital restructuring plan, which included several measures aimed at improving the Bank's performance and promoting its financial and economic growth. These efforts are expected to result in a capital adjustment of AED3.20 billion (AED 3,202,492,929), through the issuance of 260 billion shares via a priority rights issue.

The assembly approved the bank's conclusion of a guarantee agreement with the Government of Sharjah at a value of AED 3 billion, 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