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DIB - Resolutions of General Assembly

DIB DIB 0.17% 5.84 0.01
Meeting Date/Time
Meeting Date/Time Tuesday, December 17, 2019 - 05:00 PM Type of Meeting General Assembly
Net Profit/Loss - AED Cash Dividend
Bonus Share New Issuance
Shares Split Capital Deduction
Announcements/Resolutions 1. Approved acquisition of Noor Bank PJSC subject to regulatory approvals through the entry of strategic investors after having reviewed the study on the benefits DIB would gain from the entry of the Strategic Investors and the summary of the valuation report on both banks and all measures DIB undertook to reach the share swap ratio as summarized in the shareholders circular. 

2. Agreed to authorize DIB’s Board of Directors to negotiate and finalize key terms and conditions of the Capital Increase and the share and purchase agreement including the share swap ratio of 1 Dubai Islamic Bank share for 5.49 shares of Noor Bank through the issuance of 651,159,198 new shares of DIB, subject to regulatory approvals.

3. Subject to the completion of the transfer of the shares of Noor Bank P.J.S.C. to DIB, approved the increase of capital of DIB from 6,589,585,179 DIB shares to 7,240,744,377 shares through the issuance of 651,159,198 new DIB shares and the allocation of such new DIB shares to Noor Investment Group Limited and Emirates Investment Authority as strategic investors and to list the newly issued shares of DIB on the Dubai Financial Market after obtaining all applicable regulatory approvals.

4. 
Approved the amendment of Article (14) of DIB’s Articles of Association to include the amount of increase in share capital which is approved under item (2) above and obtaining relevant regulatory approvals.

Article (14) prior to amendment

The authorized capital of the Company is determined at AED 7,907,502,214 (Seven Billion and Nine Hundred and Seven Million, Five Hundred and Two Thousand, Two Hundred and Fourteen UAE Dirhams).

The issued capital of the Company shall be AED 6,589,585,179 (Six Billion Five Hundred Eighty Nine Million and Five Hundred Eighty Five Thousand and One Hundred Seventy Nine UAE Dirhams), divided into 6,589,585,179 (Six Billion Five Hundred Eighty Nine Million and Five Hundred Eighty Five Thousand and One Hundred Seventy Nine) shares with par value of one(1) UAE Dirham for each share paid in full and all shares are cash shares.

Article (14) post amendment

The authorized capital of the Company is determined at AED 7,907,502,214 (Seven Billion and Nine Hundred and Seven Million, Five Hundred and Two Thousand, Two Hundred and Fourteen UAE Dirhams).

The issued capital of the Company shall be AED 7,240,744,377 (Seven Billion Two Hundred and Forty Million Seven Hundred and Forty Four Thousand and Three Hundred and Seventy Seven UAE Dirhams), divided into 7,240,744,377 (Seven Billion Two Hundred and Forty Million Seven Hundred and Forty Four  Thousand and Three Hundred and Seventy Seven) shares with par value of one (1) UAE Dirham for each share paid in full and all shares are cash shares.

5. Agreed to authorize DIB’s Board of Directors or any person so authorized by the Board of Directors of DIB, to take all other necessary measures to execute and successfully conclude the acquisition and the Capital Increase, including, without limitation, to apply for a resolution of the Securities and Commodities Authority and/or the UAE Central Bank to declare the Capital Increase, to sign the share purchase agreement, to undertake and finalize the amendment to DIB’s Articles of Association and the listing of the new shares on the Dubai Financial Market and to sign any documents and agreements in relation to the above, subject to applicable regulatory approvals.




Last Entitlement Date Ex-Dividend Date
Registry Closing (Settlement) Date Meeting Venue Dubai Chamber of Commerce
DIB_GARES_17_12_2019

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