UAE’s Mashreqbank shareholders will vote on prospective debt issuance

Chicago, Nov. 28 – Mashreqbank PSC is inviting shareholders to vote on several special resolution agenda items related to potential debt issuance, according to a disclosure.

First, shareholders are asked to approve a proposal for the board of directors to establish a $2.5 billion sharia-compliant sukuk issuance funding program.

Further, the board of directors is seeking shareholder approval to issue up to $500 million of regulatory capital that will quality as tier 1 capital the strengthen the bank’s capital adequacy ratio.

Additionally, the board may undertake any liability management exercise relating to the instruments.

Voting registration is open from Dec. 12 to Dec. 19.

The meeting will be held on Dec. 26.

Mashreqbank is the largest privately owned bank in the UAE.

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