By: Amr Adel

Dubai – Mubasher: The ordinary general meeting (OGM) for Mashreq Bank has decided in its meeting held today, Sunday, February 22, 2015, to resort to arbitration in London regarding $500-million facilities inked on June 30, 2014.

The UAE-based bank sought to gather $500 million (AED 1.850 billion) in the form of loans through several global banks including Bank of America Merrill Lynch, Australia and New Zealand Banking Group (ANZ) and five other banks.

Worth noting, the OGM decided on a bonus share issuance representing five percent of capital added to a cash dividend of 40% or AED 4 per share, this came in its board meeting held today.

The bank had reported a 33% surge in its annual financials, which reached AED 2.40 billion against AED 1.81 billion by the end of 2013.

Mashreq Bank’s capital amounts to AED 1.69 billion divided on 169 million shares at par value AED 10 per share.

Translated by: Nada Adel Sobhi