UAE Suspends Share Trading in One of Its Main Local Banks

Published January 27th, 2019 - 07:37 GMT
The lender's shares were last trading at Dh0.999 per share on Abu Dhabi Securities Exchange. (Shutterstock)
The lender's shares were last trading at Dh0.999 per share on Abu Dhabi Securities Exchange. (Shutterstock)

The Abu Dhabi Securities Exchange has suspended trading in Bank of Sharjah for not submitting its financial results for the 2018 financial year.

"As Bank of Sharjah didn't submit their Financial Statement, hence it is decided to temporarily suspend trading on the company's shares starting January 27, 2019 until further notice," the bourse said in a statement posted on its website.

The statement said that this resolution will be circulated to Securities and Commodities Authority of the UAE and other concerned authorities.

The lender's shares were last trading at Dh0.999 per share on Abu Dhabi Securities Exchange.

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The Bank of Sharjah's 9-month 2018 profits grew 13 per cent to Dh301 million, surpassing its 2017's full-year profit of Dh265 million.

Varouj Nerguizian, general manager, Bank of Sharjah, said during a recent interview with Khaleej Times that the lender is engaged in any merger talks with any banks in the UAE but it is open for mergers.

"We are not talking to any bank for merger. There is no talk with Invest Bank as well. But we are ready for [merger] opportunities. It is not a matter if we want to merge or don't want to. There are situations that force opportunities upon you and you move to take advantage of that. Consolidation started in Abu Dhabi, then moved to Dubai and now it will move to Sharjah and other emirates," said Nerguizian.

By Waheed Abbas


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