UGB holds its annual general meeting

United Gulf Bank (UGB), the asset management and investment banking platform of the KIPCO Group, announced that the shareholders have approved the financial statements for the year ended 31 December 2010 and also approved the board of directors’ recommendation not to pay any dividend this year.

Shareholders also approved the re-election of existing board members for a term of three years subject to CBB approval.

Earlier, UGB announced a net profit of $38.7 million, or 4.71 US cents per share, for the year ended 31 December 2010.

Masaud Hayat, Chairman of UGB chaired the annual general meeting which was held at the UGB Tower in Bahrain, on Monday. The meeting was attended by over 96 percent of shareholding of the bank.
At the meeting, shareholders also approved other appropriations including the board recommendations to donate $300,000 for charity and educational support in the Kingdom of Bahrain.

On behalf of UGB’s board, Masaud Hayat paid tribute to the Government of the Kingdom of Bahrain for longstanding support and to the regulatory and supervisory authorities in the jurisdictions where UGB operates for their guidance and constructive cooperation.

Hayat also thanked the bank’s executive management and all staff for their hard work during 2010.