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DIB's shareholders to authorise board to issue senior, additional Tier 1 Sukuk

DIB's shareholders to authorise board to issue senior, additional Tier 1 Sukuk
The company will also allow the board to issue additional Tier 1 non-convertible Sukuk
DIB
DIB
0.67% 4.52 0.03

Dubai – Mubasher: The shareholders of Dubai Islamic Bank (DIB) will consider authorising the board to issue any senior Sukuk or similar instruments, which are not convertible into shares, at a total amount not exceeding $7.5 billion.

During its upcoming ordinary general meeting (OGM), the company will also allow the board to issue additional Tier 1 non-convertible Sukuk at a total amount not exceeding $1.5 billion, according to the bank's disclosure to the Dubai Financial Market (DFM) on Sunday.

In addition, the company's shareholders will study the board's recommendation to distribute cash dividends, equivalent to 20% of the capital and aggregating to an amount of AED 1.445 billion.

It is noteworthy to mention that in 2020, DIB reported a decrease in net profits attributable to the owners to AED 3.293 billion from AED 5.014 billion in 2019.