ADCB shareholders to vote on merger plan today

2019-03-21 10:03:55 GMT (Economies.com)
 

Abu Dhabi Commercial Bank (ADCB) will hold an extraordinary general assembly meeting today, during which shareholders will look into the proposed merger with Union National Bank through the issuance of 0.5966 share in ADCB per each share in UNB.

 

Shareholders will also discuss the increase in the bank’s issued capital to AED 6.839 billion, from AED 5.198 billion. They will also discuss approving the board of directors’ recommendation on the distribution of cash dividends at 46% of capital, or AED 2.18 billion, for the fiscal year 2018.

 

The EGM will also consider the sale of bonds worth $1 billion to raise the value of the bank’s capital.

 

Sources expected earlier the financial and legal committees assigned the study of merger between Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) and Al Hilal Bank to complete their work during the first quarter of 2019.

 

ADCB earlier appointed Barclays in mid-November to advise on a potential merger plan. UNB also hired JP Morgan to advise on the deal.

 

In early September, ADCB and UNB confirmed holding initial merger talks. ADCB also said at that time it began similar talks with shareholders of Al Hilal Bank.

 

 

 

 

 
 
 
  Symbol Last Change Chg.%
1.1606
0.0036
0.3139%
1.3751
0.0123
0.9053%
Tadawul
11773.36
25.09
0.21%
23.335
0.700
3.090%
82.022
0.902
1.112%
84.86
0.86
1.02%
1767.855
13.150
0.749%
 
 
News Today