The Sharjah Government has moved 20% of its share in Invest Bank to the Social Security Fund
The Sharjah government has given 20.48% of its shares in Invest Bank to the Sharjah Social Security Fund (SSSF), according to a stock market report released on Wednesday.
Stake transfer
The government of Sharjah transferred 47.49 billion shares of Invest Bank, listed on the Abu Dhabi Securities Exchange (ADX), to the Sharjah Social Services Fund (SSSF) on December 30, 2024. This transfer happened outside the stock market.
The transaction was completed after getting all the necessary approvals from the relevant authorities, following the required rules and procedures.
After the transfer, the Sharjah government now owns 70.06% of Invest Bank, the SSSF holds 18.04%, and other shareholders have 11.9%.
Invest Bank was founded in 1975. Sharjah became a major investor in the bank in 2019 by investing $303.5 million (AED 1.115 billion) for a 50.07% stake, which was later increased in 2023 through a rights issue.
Here’s the text rewritten in simpler English:
Background The SSSF was created in 2018 by Sheikh Sultan Bin Mohammad Al Qasimi, the ruler of Sharjah. It is a public organization with full legal, financial, and administrative independence to provide social security and pension services.
Last month, Sheikh Sultan appointed Sheikh Mohammed bin Saud Al Qasimi, the head of the Central Finance Department, as the new chairman of the fund’s board.
2025 Budget Sheikh Sultan approved Sharjah’s budget for 2025 last month, which is the largest in the emirate’s history at $11.43 billion (AED 42 billion). This is a 2% increase from last year’s budget. Salaries and wages make up 27% of the budget, and operating expenses account for 23%.
Public revenues are also expected to grow by 8% compared to last year. Operating revenues will make up 74% of the total revenue, and capital revenues will represent 10%.
Additional Information In March of last year, Sharjah’s government issued a $750 million sustainable bond, which attracted strong investor interest. The total orders for the bond exceeded $4 billion. The bond was issued at a rate of 195 basis points above US Treasuries, lower than the initial guidance of 235 basis points. International investors made up 67% of the total orders.
Published: 9th January 2025
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