21 March 2013
MANAMA - Shareholders of Bahrain-headquartered Al Baraka Banking Group (ABG) approved the payment of cash-bonus shares dividend worth $69.3 million for 2012 at the annual general and extra ordinary general meeting chaired by Abdulla Ammar Al Saudi, Deputy Chairman of ABG, on behalf of the Chairman of the Board Sheikh Saleh Abdullah Kamel.
The combination of bonus share and cash dividend includes distribution of one bonus share for every 30 fully paid up shares held by the shareholders registered as of the date of this meeting, amounting to $33.8 million, from the retained earnings after obtaining the required official approvals. In addition, meeting approved the payment of cash dividend of $35.5 million for the year 2012.
The meeting also approved the transfer of 10 percent of the net income of $13.3 million to the Statutory Reserve and the transfer of $84.2 million of the retained earnings.
The shareholders also approved the increase of the issued and paid-up share capital by transferring $33.81 million to the share capital and issue bonus shares of one share for every 30 fully paid up shares to the shareholders registered as of the date of this meeting.
"We consider the outstanding results achieved during year 2012 as a clear embodiment of the success of the business model that we followed since the inception of the Group, a model that reflects the true values of Islamic banking and insightful business strategies coupled with the excellent managerial expertise available to the Group that enabled it to translate these values and strategies to facts on the ground in a creative way," Sheikh Saleh Abdullah Kamel said in a statement.
"These strategies not only enabled us to deal in a prudent manner with the repercussions of the global economic and financial crisis, but also further expand our business while at the same time continue our programs in geographic expansion and build up the branch network of the Group as well as enhance our human and technical capabilities," he added.
"The economic and financial developments witnessed by year 2012 further compounded the adverse conditions arising from the global financial crisis.
Because of this crisis, financial institutions all over the world were forced to adopt conservative and cautious business strategies. In view of these developments and conditions, the financial results achieved by the Group in 2012 can be viewed as excellent by all standards. These results reflect the success of the business strategies that we at the Board of Directors of the Group have put in place," Abdulla Ammar Al Saudi, Deputy Chairman of ABG, told the shareholders.
MANAMA - Shareholders of Bahrain-headquartered Al Baraka Banking Group (ABG) approved the payment of cash-bonus shares dividend worth $69.3 million for 2012 at the annual general and extra ordinary general meeting chaired by Abdulla Ammar Al Saudi, Deputy Chairman of ABG, on behalf of the Chairman of the Board Sheikh Saleh Abdullah Kamel.
The combination of bonus share and cash dividend includes distribution of one bonus share for every 30 fully paid up shares held by the shareholders registered as of the date of this meeting, amounting to $33.8 million, from the retained earnings after obtaining the required official approvals. In addition, meeting approved the payment of cash dividend of $35.5 million for the year 2012.
The meeting also approved the transfer of 10 percent of the net income of $13.3 million to the Statutory Reserve and the transfer of $84.2 million of the retained earnings.
The shareholders also approved the increase of the issued and paid-up share capital by transferring $33.81 million to the share capital and issue bonus shares of one share for every 30 fully paid up shares to the shareholders registered as of the date of this meeting.
"We consider the outstanding results achieved during year 2012 as a clear embodiment of the success of the business model that we followed since the inception of the Group, a model that reflects the true values of Islamic banking and insightful business strategies coupled with the excellent managerial expertise available to the Group that enabled it to translate these values and strategies to facts on the ground in a creative way," Sheikh Saleh Abdullah Kamel said in a statement.
"These strategies not only enabled us to deal in a prudent manner with the repercussions of the global economic and financial crisis, but also further expand our business while at the same time continue our programs in geographic expansion and build up the branch network of the Group as well as enhance our human and technical capabilities," he added.
"The economic and financial developments witnessed by year 2012 further compounded the adverse conditions arising from the global financial crisis.
Because of this crisis, financial institutions all over the world were forced to adopt conservative and cautious business strategies. In view of these developments and conditions, the financial results achieved by the Group in 2012 can be viewed as excellent by all standards. These results reflect the success of the business strategies that we at the Board of Directors of the Group have put in place," Abdulla Ammar Al Saudi, Deputy Chairman of ABG, told the shareholders.
© The Saudi Gazette 2013
