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Ajman Bank's OGM approves $150m non-convertible Sukuk

Ajman Bank's OGM approves $150m non-convertible Sukuk
The shareholders have authorised the board to set the date of issuance
Ajman Bank
AJMANBANK
-0.71% 0.69 -0.01

Dubai – Mubasher: The ordinary general meeting (OGM) of Ajman Bank has approved issuing $150 million Tier 1 non-convertible Sukuk, according to the bank's disclosure to the Dubai Financial Market (DFM) on Tuesday.

During the OGM, convened on Monday, 20 April, shareholders have authorised the board to set the issuance date, noting that it should not exceed one year from the date of the general meeting.

Noteworthy to mention that in 2019, the bank's net profits decreased to AED 84.402 million from AED 170.034 million in 2018, with net operating income of AED 636.036 million.