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02/12/2013 12:09 AST
TAIB Bank has given a public clarification that reports made by AlAyam and AlWasat newspapers on 26 November 2013 relating to the Extraordinary General Meeting of Shareholders (EGM) held on 25 November were inaccurate and not officially issued by TAIB Bank.
TAIB Bank has clarified that during the EGM held on the 25 November, TAIB aimed to gain the shareholders decision on two major topics, one of which being a real estate transaction in India, and the second being to discuss the financial condition of the bank.
During the EGM, a resolution was passed by the shareholders relating to the real estate transaction. However, in regards to the financial condition of the bank, the shareholders resolved that once the Audited Financials are released in the Annual General Meeting of Shareholders, another EGM would be convened in order for further discussion to take place.
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