ABG to pay $22m dividend

21/03/2016 08:02 AST

Shareholders of Al Baraka Banking Group (ABG) have approved the distribution of $22,143,101 as cash dividend, amounting to two cents for each share equal to two per cent of the par value of the share, and to transfer of $124,324,073 to the retained earnings.

This follows annual and extraordinary meetings held yesterday at the bank’s new headquarters in Bahrain Bay. The ordinary general meeting approved also the recommendation of the board of directors to distribute bonus shares for shareholders registered as of the date of the meeting amounting to three shares for every 100 fully paid-up shares – totalling $33,472,382 equal to 3pc of the issued and paid-up capital – from the retained earnings.

This has resulted in an increase of the issued and paid-up share capital from $1,115,746,069 to $1,149,218,451.

The meeting also approved the amendment of the Memorandum and Articles of Association as per the resolution to increase the capital and the authorisation and empowerment of the board of directors or its delegate to take necessary action, to effect amendment to the Memorandum and Articles of Association for publicising the increase in the share capital, and attesting the necessary amendment.

“The year 2015 witnessed an increase in difficult economic and political conditions regionally and globally, especially during the second half of the year with China reducing the value of its currency, which sparked fears for the global recovery, and extended oil losses, while the security tensions continued in the region and generated an extremely cautious environment for banks. Therefore we are very proud to see continuing growth in the revenue and business,” ABG chairman Shaikh Saleh Abdullah Kamel said.

“The outstanding results achieved during 2015 embodies our determination to implement all the initiatives that we planned for launch this year, defying all economic and political datum regionally and globally, and which generated difficult operating and technical conditions for banks in the region,” ABG board member, president and chief executive Adnan Ahmed Yousif said.

Gulf Daily News