“Thanks to Allah Almighty that all agenda items of both the Ordinary and Extraordinary general meetings have been agreed upon by the shareholders who were present in person or through proxies. Those who attended the meetings represent 78.48% of the shareholders,” said Khalid Abdulla Al-Bassam Chairman of the Board, who chaired both the ordinary and extraordinary general meetings.
“The meeting took place in healthy interactive discussions where representatives of the Central Bank of Bahrain, Ministry of Industry and Commerce, and Bahrain Bourse were present. After responding to questions and discussions the agenda items were approved as well,” he added.
“Next month will witness the capital increase issuance. Allocation of shares will, most likely, take place before the end of March 2011,” he added.
In replying to one question about whether the issue would be subscribed, the Chairman explained that he was confident that the issue would be well subscribed as the amount needed is priced on nominal value which is regarded as a good opportunity for all shareholders to participate.
Mohammed Ibrahim Mohammed the CEO of the Bank expressed his thanks and appreciation to all shareholders who attended the meetings in person or through proxy for their support to their bank by agreeing to all the agenda of both meetings. He expressed his strong desire to increase efforts of all BisB staff so as to attain the best of results during the current year. The CEO explained the importance of capital increase which would be utilized to fulfill major finance and other business activities of the bank.
The Chairman thanked the wise and prudent political leadership of the Kingdom of Bahrain for their vision to establish Bahrain as the main financial hub in the region and the continued support they provide to the banking sector in general and the Islamic banking in particular.
He also thanked the Ministry of Industry and Commerce and the Central Bank of Bahrain for their oversight and support, and for the shareholders and respected customers for choosing to invest and get their banking services done through the bank, and for the members of the board of directors and sharia supervisory board members for their supervision and guidance, and for the management and staff for their dedication and hard work and called on them to put more effort so that the year 2011 and the years to come would be most successful and prosperous years for the bank.