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Ajman Bank's shareholders to study $150m Sukuk issuance

Ajman Bank's shareholders to study $150m Sukuk issuance
The board will determine the date of issuance
Ajman Bank
AJMANBANK
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Dubai – Mubasher: The shareholders of Ajman Bank will consider the issuance of $150 million Teir 1 Sukuk which are not convertible into shares, according to a recent disclosure to the Dubai Financial Market (DFM).

The ordinary general meeting (OGM), set to be held on 20 April, will discuss authorising the bank's board to determine the date of issuance, which shall not exceed one year from the date of the OGM.

It is noteworthy to highlight that over the course of 2019, the bank's net profits plunged to AED 84.402 million from AED 170.034 million in 2018.