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UAE’s First Gulf Bank plans to double paid-up capital

UAE’s First Gulf Bank plans to double paid-up capital

First Gulf Bank, the second-largest bank by market capitalisation in Abu Dhabi, approved plans to double its paid-up capital through a bonus share issue, the bank said in a statement on Thursday.


March 1, 2012 1:57 by

FGB’s capital will rise to 3 billion dirhams ($816.8 million) from 1.5 billion dirhams after the bonus issue, the bank said in a bourse filing.

A cash dividend of 1 dirham per share was also approved by the bank’s annual general meeting, it added.

The bank, 67 percent owned by Abu Dhabi’s ruling family, posted an 18 percent rise in fourth-quarter profits at the end of January, driven by higher interest income and Islamic financing.

It raised $500 million through a five-year Islamic bond, or sukuk, sale in January – its second sharia-compliant debt offering.

FGB’s shares have risen 30.4 percent year-to-date at the end of trading on Wednesday, closing at their highest level since September 2008. ($1 = 3.6730 UAE dirhams) (Reporting by David French; Editing by Dinesh Nair)


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