During the extra-ordinary general meeting, the shareholders, of SICO approved the increase of the paid up capital from BD 42.52 million to BD 42.65 million. This increase of capital represents the issue of 1.23 million new shares with nominal value of BD 123,654 allocated to the employee share ownership programme (ESOP).
Securities and Investment Company (SICO), the Bahrain-based regionally-focused investment bank, held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) and attended by a quorum of 90.3%.
Shareholders discussed and approved the board’s report on the bank’s activities for 2010, as well as the auditors’ report and audited financial results. SICO reported a net profit of BD 3.785 million for the year ending December 31, 2010 compared to BD3.078million for year-end 2009.
Payment of a cash dividend of BD 2.55 million to shareholders, representing six per cent of paid-up capital and retained earnings of BD 475,000 carried forward for next year were also approved.
After appropriations, total shareholders’ equity at year-end 2010 stood at BD 56.7 million compared to BD 53.7 million for year-end 2009.
Shareholders also approved directors’ remuneration of BD 100,000 and BD 30,000 to be spent on supporting charitable, cultural and educational activities.
SICO is a wholesale bank offering a selective range of investment banking services, including asset management, brokerage, corporate finance and market-making, on a regional basis and with a particular emphasis on Bahrain. SICO was incorporated in Bahrain in 1995 and holds a banking license from the Central Bank of Bahrain.
As of December 31st, 2010, SICO reported total assets of BD81.2 million, with shareholders’ equity of BD 56.7 million. SICO’s shares have been listed on the Bahrain Bourse since May 2003. Securities & Investment Company was the first ‘closed’ company to list on the exchange.