The board meeting was chaired by the Chairman BisB Khalid Al Bassam briefed the board about the process of capital increase. The board agreed to issue up to 75% of its paid-up capital starting 1st of June 2011 up to the end of the month. This occurs after this issue, which was to be completed during last March, has been postponed due to the unfortunate events that occurred in the Kingdom lately.
Khalid Al-Bassam said that the issuance of capital increase would be up to 75% of paid up capital by issuing 546,442,050 ordinary shares at a nominal value of 100 fils each.
The steps include the close of the register on June 1, followed by the start of subscriptions on June 8 and closing of subscription on June 22 and allotment of shares on 29th June.
The Chairman expressed his appreciation to the support received from some of the Bank strategic shareholders and reiterated his invitation to the other shareholders to take advantage of this opportune and valuable chance. It has to be mentioned that the Bank has achieved a net profit of BD 1.5 million, in the first quarter, and it is likely that it will continue achieving positive results especially in the current environment where the Government has expressed its intention to support and increase spending in infrastructure and other developmental projects in Bahrain.
The Board of Directors has extended its thanks and appreciation to its shareholders and wishing success of the capital increase issue, and to the supervisory authorities for their continued support and encouragement.