Invest Bank EGM discusses proposed share capital-restructuring plan

Gulf Today, Staff Reporter

Invest Bank’s Extraordinary General Assembly  Meeting (EGM) was held under the chairmanship of Sheikh Sultan Bin Ahmed Bin Sultan Al Qasimi, Chairman of the Board of Directors of Invest Bank.

The meeting was held on Thursday morning via video conference and in-person attendance at the House of Wisdom, with the presence of members of the board, the bank’s shareholders, and representatives of the executive management.

During the meeting, the General Assembly discussed the proposed share capital-restructuring plan for the bank submitted by the board of directors, along with several item resolutions at enhancing the bank’s performance and driving its financial and economic growth. These measures will contribute to the amendment of the share capital of the Bank to reach Dhs3,202,492,929 by way of a rights issue of 260 billion shares.

The Assembly agreed to the bank entering into a guarantee agreement of Dhs3 billion with the Government of Sharjah, under which the bank’s accumulated losses will be written off, and the approval of the bank’s CEO to sign the guarantee agreement. Shareholders also approved to amend the bank’s Articles of Association in accordance with the Federal Decree Law No. (32) of 2021 concerning the commercial companies, in alignment with Governance Regulations issued by CBUAE and SCA, in accordance with the final approvals by the regulators.

The amendments included 75 articles in various sections of the company law, including the establishment of the company, the company’s share capital, other debt instruments, bonds and sukuk, the board of directors, the general assembly, the auditor, and the Bank’s financials. The Assembly also approved amendments to the bank’s optional reserve account. The Assembly also approved all other items listed on the agenda of the extraordinary meeting.

Ahmad Mohd Abu Eideh, CEO of Invest Bank, said, “At Invest Bank, we continuously strive to harmonise our endeavours with the astute vision of the government of the Emirate of Sharjah, and emulate the resolute economic agenda of the United Arab Emirates. We remain unwaveringly committed to implementing this vision in all our operations, in order to bolster the country’s pursuit of progress and development. Our top priority is to provide our clients and investors with exceptional, innovative solutions, earning their unwavering trust in our institution.”