The Annual General Meeting of Ahli United Bank B.S.C has approved the distribution of a cash dividend of 18% (US$ 4.5 cents per share) together with an ordinary shares bonus of 5% (one share per 20 ordinary shares held) for the financial year ended 31 December 2014. Shareholders registered in the Bank’s share book on 31 March 2015 will be eligible to receive the dividends approved by the Annual General Meeting.
AUB’s shareholders voted to extend for a further two years their authorization for the Board of Directors to decide on the timing, pricing and terms of the issuance of up to US$ 4 billion in bonds, loans or any other similar subordinated financial instruments deemed required to support the growth plans of the Bank. The AGM also approved the establishment of a Mandatory Share Purchase Plan and the extension of the existing Employee Share Purchase Plan by the issuance of 150 million shares for this purpose subject to the guidelines set by the Central Bank of Bahrain. These resolutions were adopted at the annual ordinary general meeting and the extraordinary general meeting held yesterday at AUB’s headquarters in Seef under the chairmanship of Acting Chairman, Mr. Mohamed Jassim al-Marzooq.
AUB’s AGM also reviewed and approved the Board of Directors’ Report, Corporate Governance Report, Auditors’ Report and the financial statements for the year ending 31 December 2014.
AUB’s ordinary annual general meeting proceeded to elect eleven members for the Board of Directors:
1. Hamad Meshary Al-Humaidhi
2. Mohammad Jassim Al-Marzooq
3. Rashid Ismail Al-Meer
4. Mohammed Saleh Behbehani
5. Mohammed Fouad Al-Ghanim
6. Adnan Abdul Muhsin Al-Marzouq
7. Abdulla Hamad Al-Sumait
8. Herschel Post
9. Michael G. Essex
10. Luma Mohamed Al-Dakhil
11. Adel. A. El-Labban
Following the election, the new directors have met and unanimously elected Mr. Hamad Al-Humaidhi as the new Chairman of AUB Group.
Commenting on his appointment as Chairman of AUB, Mr. Al-Humaidhi said: “It is a great honour and weighty responsibility to be named Chairman of a leading regional institution such as Ahli United Bank. I am grateful for the shareholders and to my fellow directors on the valued trust and confidence reposed in me. It is also my pleasure to welcome and congratulate the newly elected directors to the Board”.
“Over the years, AUB has gone from strength to strength in its commitment to being a truly pan-regional bank, thanks to a well-defined vision, a stable Board structure, a competent management team and the rigorous implementation of a successful business model. I look forward to working closely with all to ensure the building on such impressive track record, as we all focus on becoming the most reliable and preferred services provider for our retail and customers alike and delivering sustained market-leading returns for our valued shareholders”, Mr. Al-Humaidhi concluded.