Bank of Sharjah boosts capital by $218mln to $820mln

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Bank of Sharjah PJSC, a leading commercial bank in the UAE, will boost its capital by AED800 million ($218 million) to AED3 billion through the issue of 800 million new shares at par.

The bank said after its Annual General Meeting that this move is set to enhance its financial position and foster future growth. Sharjah Asset Management, the investment arm of Sharjah Government, will be the primary beneficiary of this capital increase, raising its shareholding in the bank from 17.16% to approximately 40%.

This development demonstrates the strong and continued partnership between Bank of Sharjah and the Government of Sharjah. The bank has already obtained the approval of the capital increase from the Central Bank of the UAE and the Securities and Commodities Authority (SCA).

Accelerating growth

Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah, commented: "This significant capital injection is a testament to the unwavering confidence our strategic shareholder places in our vision and future endeavours. With this boost, we are now empowered to accelerate growth, enrich customer experiences, reward shareholders, and make a profound impact on the community at large."

The capital increase will significantly bolster its financial position and enhancing its ability to pursue new opportunities and investments. This move signifies Bank of Sharjah's commitment to maintaining high standards in its operations and contributing to the growth and development of the Emirate of Sharjah and the UAE.-- TradeArabia News Service