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UAB annual general assembly rules out dividend for 2022

The AGM discussed and approved all items on its agenda including the board of director’s recommendation to not distribute dividends

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United Arab Bank (UAB) concluded its annual general assembly meeting (AGA) virtually at UAB’s headquarters in Sharjah.

Sheikh Faisal bin Sultan bin Salem Al Qassimi, chairman of the board of directors, chaired the meeting with the attendance of the UAB’s board members, shareholders, and senior management team.

The AGM discussed and approved all items on its agenda including the board of director’s recommendation to not distribute dividends, whether in cash or bonus shares, for the year 2022.

The meeting adopted all ordinary and extraordinary resolutions set forth in the assembly, including the approval of the consolidated financial statements for the year ended December 31, 2022. It also approved the board’s recommendation to appoint as the external auditors of the bank for the year 2022 and the appointment of ‘Ernst & Young’ to assume the role of the bank’s external auditors for fiscal year 2023.

The meeting was managed by Abu Dhabi Securities Exchange (ADX), under a registrar agreement that the bank has signed with ADX and attended by members of the board of directors as well as other senior management. The external auditors Ernst & Young (EY) and representatives of the regulatory authorities were also present.

— business@khaleejtimes.com

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