AUB plans to raise $4bn

01/04/2015 07:24 AST

Bahrain-based Ahli United Bank (AUB) Group may raise $4 billion in bonds, loans or any other similar subordinated financial instruments, following shareholder approval for the proposal, it has emerged.

The election of Hamad Al Humaidhi as the new chairman has also been approved.

The bank's shareholders have also approved the establishment of a "Mandatory Share Purchase Plan" and the extension of the existing "Employee Share Purchase Plan" by the issuance of 150 million shares for the purpose.

This came at AUB's annual general meeting (AGM) which also saw approval for the distribution of a cash dividend of 18pc ($4.5 cents per share) together with an ordinary shares bonus of 5pc (one share per 20 ordinary shares held) for the year ended December 31.

Besides Mr Al Humaidhi, the other board members are Mohammad Jassim Al Marzooq, Rashid Ismail Al Meer, Mohammed Saleh Behbehani, Mohammed Fouad Al Ghanim, Adnan Abdul Muhsin Al Marzouq, Abdulla Hamad Al Sumait, Herschel Post, Michael G Essex, Luma Mohamed Al Dakhil and Adel El Labban.

The resolutions were adopted at the annual ordinary general meeting and the extraordinary general meeting held yesterday at AUB's headquarters in Seef chaired by acting chairman Mohamed Jassim Al Marzooq.

AUB's AGM also reviewed and approved the board of directors' report, corporate governance report, auditors' report and the financial statements for last year.


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