March 3 2015, Sharjah, UAE: United Arab Bank P.J.S.C. (‘UAB’),held its 41st Annual General Meeting (AGM) on Tuesday 3 March 2015, at the Coral Beach Resort in Sharjah. Overseen by H.E. Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, the AGM adopted the consolidated financial statements for the year ended 31 December 2014.
The AGM resolved on the distribution of a cash dividend of AED 114.6 million (being 10% of paid up share capital) and a scrip dividend of AED 229.2 million (being 20% of the paid up share capital) from the record annual Net Profit of AED 605 million, which represented a 10% increase over 2013’s Net Profit of AED 552 million. The record date for the entitlement to the dividend was set as Sunday, 15 March 2015 and the last date to participate is on 11 March 2015. The dividend is estimated to be paid out to shareholders on Tuesday, 24 March 2015.
The dividend will be distributed in accordance with new Abu Dhabi Securities Exchange (ADX) instructions. Exceptionally, the 2014 cash dividend will be distributed by cheque. However, in line with ADX instructions, the 2015 cash dividend will be deposited directly to the investors designated bank account only. Therefore, all shareholders are required to provide their bank account details (IBAN) to ADX directly or via their brokerage firms at their earliest opportunity. For more information shareholders are encouraged to contact ADX on 800239.
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