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Sheikh Mohamed extended his sympathies during a visit to the mourning majlis in Al Ain
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ADCB to split shares, to hike capital through RI
ABU DHABI — An extraordinary general assembly of Abu Dhabi Commercial Bank shareholders will be convened early September in Abu Dhabi. The purpose of the meeting is to seek shareholder approvals as described below after getting approvals from the concerned authorities.
Firstly, to subdivide the existing shares of Dh10 in the capital of the bank both authorised and issued, into 10 shares of Dh1 each. Secondly, the board of director’s of ADCB are recommending rewarding the shareholders with an interim dividend of bonus shares equivalent to 30 per cent of the paid up capital of the bank. The equivalent amount of Dh450 million will be appropriated from current year earnings and be applied to the paid up capital of the bank.
Furthermore, the board of director’s of the bank recommend to allow up to 25 per cent foreign ownership of the bank by an amendment to article (9) of the bank’s articles of association.
Lastly, a rights issue will be recommended on a pro-rata basis to existing shareholders. As a result, the share capital of the bank shall be further increased from Dh.1.9 billion to Dh.3.9 billion divided into 3.9 billion shares of Dh1each. The additional shares thereby created will be issued at a premium of Dh3 per share and offered to registered shareholders of the bank in the proportion of 1 new share for every 1 existing share held by them as on Wednesday, 28th September 2005.
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