Invest Bank resumes trading on ADX

Business Bureau, Gulf Today

ABU DHABI: The Abu Dhabi Securities Exchange (ADX) has announced in a statement that Invest Bank is resuming stock trading starting from Wednesday session based on the instructions of the Securities and Commodities Authority and the no-objection letter issued by the UAE Central Bank, provided the bank will meet all the legal requirements and be committed to the disclosure stipulations in future.

Earlier in the month of April this year, the shareholders of Invest Bank approved a strategic investment by the Government of Sharjah and a reorganisation of the Board of Directors.

The Government of Sharjah’s Dhs1.115 billion strategic investment is made on a commercial basis, with the objective of creating long-term value from Invest Bank’s underlying profitability and standing as an operationally-strong financial institution with a loyal customer base across the UAE.

Through a special resolution, the shareholders approved a further increase in share capital for all shareholders of the Bank to be underwritten by the Government of Sharjah up to a certain amount, with details, including timing, to be determined later.

Omran Abdullah Omran Taryam, Vice Chairman of the Bank welcomed the Government of Sharjah as a strategic shareholder, saying, “As a proven and dynamic investor in the UAE banking sector, the Government of Sharjah brings considerable industry knowledge while providing Invest Bank with a strong and stable financial platform to support its future direction.”