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Sharjah Asset Management, the investment arm of Sharjah Government, will increase its shareholding in Bank of Sharjah to approximately 40% from the current level of 17.16%, following a planned capital boost.
Bank of Sharjah on Friday said its shareholders approved a capital increase by 800 million dirhams ($218 million) to AED3 billion as a strategic move to enhance its financial position and foster future growth.
The bank, which has secured approvals for the increase from the UAE Central Bank and the Securities and Commodities Authority, will issue 800 million new shares at par, it said in a statement.
At noon on Friday, Bank of Sharjah shares were trading nearly 15% higher at AED 0.45 on the Abu Dhabi Securities Exchange where it is listed.
(Writing by Brinda Darasha; editing by Seban Scaria)
