The General Assembly of the Shareholders of United Arab Bank (UAB) approved during its annual general meeting held yesterday February 17th at Coral Beach Resort in Sharjah the proposal of the Board of Directors regarding the appropriation of profits for the year 2009 by distributing a cash dividend equal to 15% of the paid-up capital.
UAB’s Board of Directors had initially proposed a 22% cash dividend that was subsequently reduced to 15% due to a recent Central Bank regulation that has restricted all local Banks’ cash dividend allocation to a maximum ceiling of 50% of the net achieved profit.
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