Thursday, June 30, 2005

First Gulf Bank share subscription to start June 30

First Gulf Bank's new share subscription process to increase the bank's capital will begin on Thursday June 30.

United Arab Emirates: Wednesday, June 29 - 2005 at 16:56 GMT+4

The subscription period will be for 10 days and is scheduled to close on Saturday July 9, 2005.

The bank obtained shareholder approval of the proposed plan to increase the bank's capital from AED 501,868,056 to AED 1 billion in a recent Extraordinary General Meeting (EGM). The total share for subscription will be 498,131,944 shares with a rights issue of AED 10. The rights issue will be for shareholders as of June 22, 2005.

The subscription application forms are available in all of the bank's Abu Dhabi branches, in the Dubai branch opposite Deira City Centre shopping mall, the Ajman branch, the Sharjah Alwahda branch, and the Al Ain branches in Sanaiya and Khalifa Street.

With the end of the subscription period, First Gulf bank will be the UAE's largest equity-based bank with a total equity in excess of AED 7 billion. The bank has plans to expand in the UAE market by launching a new Islamic financing company, a real estate company and a financing company. The bank will also focus on providing financial services to the developing real estate sector in Abu Dhabi for companies like Surooh, Tumooh, Reem Investments and Aldar Real Estate.

The bank has performed very well over the last five years, growing its business five fold in both the income statement and balance sheet figures. The bank has also recorded a 109% growth in profits for the first quarter of this year, achieving AED 107 million.

According to Abdulhamid Saeed, CEO, First Gulf Bank, 'First Gulf Bank has achieved remarkable success over the last year, and we have further plans for growth in line with the UAE's rapid economic growth in industries such as oil & gas, real estate, and manufacturing. We are keen to play a major role in providing comprehensive, innovative financial services in these markets. Increasing our capital is just one step forward for the plans we have for the bank in the next three years.'

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