NBB shareholders approve BD29m dividend

NBB AGM (36)

MANAMA: Overwhelming majority of 74% shareholding of the National Bank of Bahrain (NBB) during its 60th Annual General Meeting (AGM) has approved the payment of BD 28.98million as dividend to shareholders, representing 25% (25 fils per share) of the profits.

The meeting approved the issued and paid up capital from BD 115.9million to BD 127.5million by transferring the amount of BD 11.5million from the general reserve account as a result of the issuance of bonus shares.

The meeting chaired by Chairman Farouk Yousuf Khalil Almoayyed was attended by 74.4% of total shareholding of the bank approved all items on AGM and EGM on agenda during a meeting held at Down Town Rotana Hotel in Manama. The meeting approved the Board’s recommendation of allocating BD 2.9million for donations and contributions; transferring the amount of BD 17.4million for the general reserve account as well as setting aside BD 8.9million as retained earnings for next year.

The meeting approved the Board’s recommendation for issuing bonus shares of one share for every ten issued shares, to the total amount of BD 11.6million and transferring the amount of BD 5.8million from the general reserve to the statutory reserve, bringing it to 50% of the issued and paid up capital.

During the Extraordinary General Meeting (EGM) the shareholders approved the amendment to Article 4 (B) of the Bank’s Memorandum of Association and Article 6 (B) of its Articles of Association.
“The issued and paid up capital has been fixed at Bahrain Dinars one hundred and twenty-seven million, five hundred and forty-four thousand and eight hundred and forty-two (BD 127,544,842), divided into one billion, two hundred and seventy-five million, four hundred and forty-eight thousand and four hundred and twenty shares (1, 275,448,420), with a nominal value of one hundred fils per share.”

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