The Government of Sharjah has reduced its direct shareholding in Invest Bank after divesting more than 47 billion shares to another public entity.

The emirate confirmed on Tuesday that it had transferred 47,490,248,165 shares, representing 20.48% of its stake in the Abu Dhabi-listed bank, to the Sharjah Social Security Fund (SSSF).

The transfer was executed on December 30, 2024 as an off market-transaction of the Abu Dhabi Securities Exchange (ADX).

Following the transaction, the Sharjah government now holds a 70.06% stake in the bank. The SSSF’s direct shareholding is pegged at 18.04%, while other shareholders continue to hold 11.9%.

In 2019, Sharjah became a major shareholder of the bank after it invested AED 1.115 billion in exchange for a 50.07% stake. The emirate increased its stake through a rights issue in 2023.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com