Founders can trade with SALAM shares as block period ends

Dr. Hasan Al-Bastaki, Executive Vice President and Head of the Operation, IT and Support Services Group, said that the block period has ended following the publication of the Bank's financial statements for one whole year in compliance with the Bahraini Law of the Commercial Companies no. 21 for the year 2001.

The Bank's Investor Relations Unit has already informed the founders last month that they can register at the Bahrain Stock Exchange in prelude to trade as soon as the financial statements were published, Dr. Al-Bastaki said, adding that the statements were published today after being approved following a meeting held yesterday by the Bank's Board of Directors.

The Bank announced last October the establishment of the Investor Relations Unit to look after the affairs of the shareholders and investors by providing information relating to their investments and respond to their requests and queries.

The founding shareholders of Al Salam Bank hold 65% of the paid-up capital (i.e. 780m shares) and they reach around 400 individual or company.

The Bank's Initial Public Offering (IPO) of 35% of the paid-up capital, which closed in March 2006, raised over $7bn (BD2.7bn) and was the largest IPO ever in Bahrain.

The Bank has achieved good financial results during its second year of operation, where its second year net profit during the year ended 31 December 2007 reached BD23.1m($61.6m).

Al Salam Bank-Bahrain also announced that it will hold its Annual General Meeting on Wednesday 20 February 2008 at 12:30 in the Diplomat Radisson SAS Hotel.

The shareholders are expected to discuss and approve the board's report on the bank's activities for the year ended 31 December 2007 and to receive the Shari'a Supervisory Board and the auditor's reports for the year ended 31 December 2007. The AGM will also discuss the Board of Directors' recommendation regarding the distribution of 10% cash dividends of the paid up capital, and other subjects on the agenda.