M/s UAB Shareholders Investment Portfolio Ltd announced their decision to distribute, starting 20th January 2009, profits from the proceeds of the sale of the Bank's shares held by the Portfolio on 17th December 2007, which had been waived by the owners of the Portfolio for the benefit of all Bank's Shareholders, to the eligible UAB Shareholders registered in the Bank Share Register.
The Portfolio's profit amounted to AED 567,331,055 million representing 93.44% of shared capital at the time. Accordingly, as per the Portfolio's request and in accordance with the Resolution of the Extraordinary Meeting of UAB Shareholders held on November 28th 2007, the Bank's branches are to start from 20th January 2009 the disbursement of the said profits of the Portfolio to eligible UAB shareholders.
UAB major shareholders had previously bought, in February 2005, Societe Generale's 20% stake in the Bank via a portfolio owned by major shareholders on behalf of all shareholders.
To view more UAB news, please click here.
