Bahrain Islamic Bank (BisB) announced that its Extra Ordinary Shareholder Meeting has approved all agenda items, in the meetings which was held yesterday Tuesday 27th October 2015 at 10:00 am at BisB Headquarters – Al Salam Tower – Diplomatic Area.
After ascertaining that meeting quorum has been satisfied with 82.44% in attendance, the meeting started with a statement from the Chairman of the Board of Directors, Mr. Abdul Razak A. Hassan Al Qassim, who welcomed Shareholders attendees, representatives from CBB, Ministry of Industry & Commerce, Bahrain Bourse, External Auditors, and the Share Registrar.
Then the meetings started by discussing the Extra-Ordinary General Meeting agenda items which included the following:
• The EGM approved the reduction in issued and paid-up capital of BisB aiming to write-off accumulated losses. This is in accordance to the recommendation of the Board of directors of Bahrain Islamic Bank (the “Bank”) in its meeting held on 2nd August 2015 to write-off accumulated losses of BD 27,397,310 as of 30 June 2015, by adjusting BD 11,807,778 against statutory reserve, BD 1,000,000 against general reserve, BD 29,754 against share premium and BD 14,559,778 against paid-up share capital thereby reducing the Bank’s paid-up share capital 15.34% (approximately a reduction of 2 shares for each 13 shares) from BD 94,907,023 to BD 80,347,245. This item has been approved subject to the approval of the Central Bank of Bahrain.
• The EGM then approved the issuance of up to 200,000,000 Ordinary Shares with Nominal Value of BD 0.100 each, and to be registered in the share register on such date as determined later by the Board of Directors (the “Record Date”); in accordance with CBB Rulebook Volume 6 and commercial companies law, articles 128 and 129; subject to the approval of the Central Bank of Bahrain.
• The EGM has empowered the Board of Directors to decide upon the terms and conditions of the Rights Offer including the Offer Price, premium, Offering period, Record Date, issuance and subscription dates, and allocation.
• The EGM then exempted any existing shareholder whose ownership may increase up to 30% or more to make a mandatory offer to all shareholders as prescribed in the regulatory procedures of acquisitions issued by the Central Bank of Bahrain.
• The EGM then approved the amendment of the Memorandum and Articles of Association to reflect the changes approved by the Board and authorized the Chairman of the Board of Directors or whom he authorizes to sign the amendment to the Memorandum and Articles of Association.
• In concluding the meeting Mr. Abdul Razak A. Hassan Al Qassim, Chairman of the Board of Directors, thanked members of the Board of Directors and the esteemed shareholders for approving all agenda items of the EGM and their blessing of this step which will be having a positive effect on the Bank’s financial status Sheet and on its capital adequacy. He also thanked the Sharia Board for their oversight and continuous directions, and representatives of the supervisory entities for attending the meeting, wishing the Bank every success and prosperity in the future.