FGB AGM approves 100% cash dividend and 100% bonus shares

First Gulf Bank PJSC, leading financial partner of choice, successfully concluded its Annual General Meeting today (February 29, 2012) in Abu Dhabi.

The AGM approved a cash dividend of 100 per cent of capital, as well as distribution of 100 per cent bonus shares. Buyers of FGB shares by the 7th of March 2012 are eligible to cash dividends and bonus shares. The AGM also approved the financial statements for the year ending December 31, 2011. Read more

FGB issues Sukuk Transaction

• Islamic bond to be set at around USD 500 million for 5 years
• Citi, HSBC, NBAD and Standard Chartered Banks assigned as Joint Lead Managers
• Subscription to start on January 11, 2012

First Gulf Bank PJSC (FGB), leading financial partner of choice in the UAE, announced mandating each of Citi, HSBC, NBAD and Standard Chartered banks as Joint Lead Managers for its 5-yr USD 500 million Sukuk under the FGB Sukuk Company Limited U.S. $3,500,000,000 Trust Certificate Issuance Programme. Subscription is set to begin on January 11, 2012. Read more

FGB issues 5-yr Sukuk to expand its Islamic operations

• Bond subscriptions exceeded USD 3.8 billion, around 6 times oversubscribed
• 5-yr Sukuk, listed in London at fixed profit rate of 3.797%
• Proceeds will be utilized for Islamic general corporate purposes and to grow the Bank’s Islamic loan book

First Gulf Bank PJSC, (FGB), the leading financial partner of choice in the UAE, has received excellent investors endorsement through a six times oversubscription of its USD 650 million Sukuk (Islamic bonds) issuance. The FGB Sukuk roadshow started on Thursday, 21st July 2011and invited Fixed Income investors from the UAE, Asia and Europe to participate. The book building exercise and the roadshow were closed on 26th July. Read more

First Gulf Bank converts AED 3.6 billion mandatory convertible bonds into 125 million ordinary shares

• Bonds to be converted at a price of AED 28.8 per share
• New shares to be listed on ADX on February 21, 2011
• New share capital adjusted to AED 1.5 billion from 1.375 billion
• Three-year mandatory convertible bonds issued in July 2008

First Gulf Bank PJSC, one of the largest equity based banks in the UAE, announced today that it will convert AED 3.6 billion mandatory convertible bonds into 125 million new ordinary shares. These bonds will be converted at the initial subscription price of AED 28.8 per share and the new shares will be listed on Abu Dhabi Securities Exchange on February 21, 2011.

As a result, FGB’s share capital will be increased to 1.5 billion from 1.375 billion. The three-year convertible bonds were issued in July 2008 to mainly fund the bank’s corporate and retail organic growth. Read more

First Gulf Bank PJSC Q2 profit rose 2 percent

First Gulf Bank (FGB) announced its financial results for the second quarter of 2010, reporting a Net Profit of AED 787 million. This represents an increase of 2% over its Net Profit for the same quarter of last year. For the first half of 2010, the Net Profit amounted to AED 1,707 million which represents a 12% increase over the same period of 2009.
“FGB has maintained its top line momentum for the second quarter of 2010, consolidating its solid start of the year,” said Andr Sayegh, Chief Executive Officer, FGB.
“The results of our continued focus on efficiently managing both the balance sheet as well as the revenue stream, whilst redeploying resources to optimize growth in our core business, is testimony to FGB board’s vision and strategy”, Sayegh added. Read more