Ajman Bank Announces AGM with Key Decisions
Ajman Bank PJSC invites shareholders to its Annual General Meeting to discuss financial outcomes and strategic plans.
Summary
Ajman Bank PJSC has announced its Annual General Meeting to discuss its financial performance, dividend distribution, and a new Sukuk issuance program.
Ajman Bank PJSC, a prominent financial institution in the United Arab Emirates, has scheduled its Annual General Meeting (AGM) for February 27, 2025, inviting shareholders to participate either in person at the Ajman Saray Hotel or remotely. This meeting promises to be a pivotal event as the bank reviews its financial performance and unveils strategic initiatives for the upcoming year.
Among the agenda items, shareholders will review the Board of Directors' report on the bank's activities and financial position for the year ending December 31, 2024. The meeting will also cover the external auditor's report and the Internal Shari’ah Supervisory Committee's report, ensuring transparency and adherence to Islamic banking principles.
A significant highlight of the AGM is the proposed cash dividend distribution of 7.25% of the capital, equating to 7.25 fils per share, with a total value of AED 197,453,750. This move reflects the bank's robust financial health and its commitment to delivering value to its shareholders.
Furthermore, the meeting will consider the approval of remuneration for the Board of Directors, the discharge of the board and auditors from liability, and the appointment of new auditors for the financial year 2025. These steps are crucial for maintaining governance standards and ensuring accountability.
One of the most strategic decisions on the agenda is the approval of a USD 1.5 Billion Sukuk Issuance Programme. This program aims to enhance the bank's capital structure and expand its financing capabilities. The Sukuk will be offered internationally, targeting eligible investors both inside and outside the UAE. This initiative is expected to bolster the bank's growth prospects and position it as a leading player in the Islamic finance sector.
In light of these developments, investors might consider holding their shares in Ajman Bank. The bank's strategic initiatives, including the Sukuk issuance, indicate a forward-looking approach to growth and stability. However, potential investors should carefully analyze the bank's performance and market conditions before making investment decisions.
Source
Summary
Ajman Bank's Board of Directors invites shareholders to the Annual General Meeting on February 27, 2025, at Ajman Saray Hotel, with options to attend in person or electronically. The agenda includes reviewing and approving reports from the Board, external auditors, and the Internal Shari’ah Supervisory Committee for the financial year ending December 31, 2024. Shareholders will discuss and approve the bank’s financial statements, a proposed cash dividend of 7.25% of the capital, and the remuneration for the Board of Directors. Other items include discharging the Board and auditors from liability, appointing committee members and auditors for 2025, and approving a USD 1.5 billion Sukuk Issuance Programme. Shareholders can participate remotely by registering in advance, and proxies are allowed under certain conditions. If the meeting lacks a quorum, a second meeting is scheduled for March 6, 2025. Shareholders registered by specific dates are eligible to vote and receive dividends. Financial documents are accessible via the Dubai Financial Market and Ajman Bank websites.
Summary
The disclosure clarifies the approval process for shareholder proxies according to Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. It states that shareholders eligible to attend the general assembly can delegate someone, who is not a board member or company employee, to attend and vote on their behalf. The delegate should not represent more than 5% of the company's issued capital. The shareholder's signature on the power of attorney must be verified by a notary public, a commercial chamber, a licensed bank or company, or any other licensed entity. The proxy form should include contact details of the shareholder and the approving brokerage firm. This form is a guideline, allowing shareholders to issue proxies within their determined limits, provided the signature is verified by an approved authority. For more information, shareholders can contact the provided phone number or email address.
