Khaleeji Commercial Bank shares to be delisted from DFM on Aug 27

DUBAI: The shares of the Khaleeji Commercial Bank (KCB) will be delisted from Dubai Financial Market (DFM) with effect from August 27, 2020.

The bank has reported a net profit of BD5.685 million for the six months ending June 30, 2020 against BD167,000 for the same period a year earlier.

KCB said in a statement that the delisting has secured the approval of the regulatory authorities and the shareholders’ approval through the annual general meeting (AGM) held in March 2020

The last trading day of the bank’s shares on DFM will be August 27, 2020. It was on March 25, the shareholders authorised the board to take all necessary procedures and requirements to this end, subject to regulatory approvals.

The shareholders’ meeting in March 2019 had also approved the reduction of the share capital from BD105 million to BD89.2 million as a step to write down its accumulated loss worth BD15.8 million.

It was in the March meeting, the board had made the recommendation to issue sukuk as additional Tier 1 capital up to $200 million to support the bank’s capital base.

 

 

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