Latest news with #062
Gulf Today
3 days ago
- Business
- Gulf Today
United Arab Bank launches strategic Rights Issue to raise up to Dhs 1.03 billion
United Arab Bank PJSC (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to Dhs1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from Dhs2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to Dhs3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the "Invitation") to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website ( on or around today's date. The New Shares will be issued at an issue price of Dhs1 per New Share (the "Issue Price"). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6th March 2025, following the approval of the Board of Directors of the Bank held on 4th February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the "Eligible Persons"), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4th July 2025 and ending on 17th July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24th July 2025. Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, "The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. WAM
TimesLIVE
10-05-2025
- TimesLIVE
Former police station commander convicted of fraud for travel scam
The former commander of Port Alfred police station in the Eastern Cape has been convicted of defrauding the SAPS by submitting fake travel claims. Col Ncamisa Donkrag was convicted and sentenced on two counts of fraud at the Port Alfred regional court on Friday. 'This comes after she pleaded guilty to defrauding the SAPS on two separate occasions,' said police spokesperson W/O Majola Nkohli. 'On the first, she pretended that she travelled using her private vehicle in May 2022 from Port Alfred to Port Edward, eMaXesibeni (Mount Ayliff), Mzamba, the Wild Coast and back to Port Alfred, and was reimbursed for the trip an amount of R8,062. On the second occasion, she pretended that in September 2022, she travelled from Port Alfred to respectively Zwelitsha, Addo and back to Port Alfred. She was again reimbursed for the trip an amount of R4,705.' The two counts were combined for the purpose of sentence. Donkrag was sentenced to five years' imprisonment, wholly suspended for five years on condition she is not convicted of theft or fraud committed during the period of suspension. She was also ordered to compensate the SAPS to the tune of R12,767. Acting Sarah Baartman District police commissioner Brig Asogran Naidoo said: 'This sentence will serve as a deterrent to those who may be tempted to commit similar offences. Such an outcome reflects that no matter what position one holds in the SAPS, nobody is above the law.'
New Straits Times
02-05-2025
- New Straits Times
RM4.3mil lost to online scams in Sandakan from January to April
SANDAKAN: Sandakan police recorded 54 online fraud cases involving losses of RM4.3 million between January and April this year. District police chief Assistant Commissioner Ahsmon Bajah said online fraud continues to rise and has become one of the main crimes affecting victims from various backgrounds, including professionals, businessmen and retirees. "For 2024, a total of 170 cases have been reported, with significantly higher losses amounting to RM23,062,232.60. "The majority of victims were individuals aged between 31 and 50, with 61.11 per cent being men and 38.89 per cent women," he said in a media statement today. He said police are taking the issue seriously and urged the public to be more cautious and not to carelessly provide bank account information to third parties. "Providing a bank account to others, whether willingly or through deception, can result in a person becoming a mule account holder. "Individuals convicted of this offence can be investigated under Section 424 of the Penal Code, which carries a fine of between RM10,000 and RM100,000, imprisonment of one to seven years, or both," he said. Meanwhile, he said police will continue investigations and monitoring to prevent the crime from spreading further, and urged the public to always exercise caution when conducting online transactions.
