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Barclays is advising Invest Bank for the fund-raising programme and HSBC is advising the Sharjah Government.
Wednesday 02, January 2019
Sharjah Government has made an enhanced offer to invest in Invest Bank and the bank's shareholders will vote on the deal on 8 January.
In a bourse filing, the lender stated that a shareholder vote had been scheduled for 29 December 2018, but the meeting was adjourned until 8 January 2019 to vote on the enhanced offer.
Under the previous offer, Sharjah had planned to take a 50.07 per cent stake in the bank after the issuance of new shares and offered to back its rights issue in the new year.
The Central Bank of the UAE had asked Invest Bank to book provisions worth AED 2.2 billion ($599 million), which would have wiped off its equity of AED 2.15 billion, reported Reuters.