Bloomberg News

Bank of Sharjah Rises to Highest Level Since 2010 Amid Buyback

December 28, 2011

Dec. 28 (Bloomberg) -- Bank of Sharjah climbed to the highest level in more than a year as the United Arab Emirates’ lender buys back shares.

The stock jumped 4.2 percent to 1.99 dirhams, the highest level since March 2010, at 10:44 a.m. in Abu Dhabi. The benchmark ADX General Index climbed 0.2 percent.

The bank bought back 3.68 million shares yesterday and has regulatory approval to purchase a further 96 million shares, it said in a statement to the Abu Dhabi bourse today. Bank of Sharjah advanced 3.8 percent yesterday.

--Editors: Claudia Maedler, Chris Peterson

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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