Dubai: The Bank of Sharjah has received regulatory approvals from the UAE Central Bank and Abu Dhabi Securities Exchange for its Dh100 million (4.76 per cent) bonus share issue. This comes in line with the Bank’s underlying profitability and operational performance.
The Bank grew net equity to Dh3.165 billion. Following the bonus share issue, total capital will reach Dh2.2 billion.
“The Dh100m bonus share issue was proposed in recognition of our business strength and underlying profitability even in times of unprecedented challenges,” said Sheikh Mohammed Bin Saud Al Qasimi, chairman. “Looking ahead, we remain focused on driving operational excellence, to enhance our profitability and thus continue to create value for our shareholders.”
Having received all necessary approvals, the bonus share issue will be paid to shareholders on the register as at June 13.