Manama, Bahrain: Today, Bahrain Middle East Bank - Fund Manager of BMB Technology & Communications Investment Company, a Fund focused on the US Venture Capital Space, announced the distribution of US$ 1.67 million to its investors.
Commenting on the distribution, the Chairman of BMB Technology & Communications Investment Company Mr. Akbar Habib said that "The distribution remains a testament to vigorous efforts and prudent management practices as adopted by its current Management and continues to solidify its commitment to safeguard the interest of all stake holders. It was, after all, last year only, that the Bank was on the verge of near insolvency with its capacity to continue as a going concern under serious threat; all this brought about by certain actions or in actions of the past and further aggravated by the global economic turmoil. However, in 2010, the Bank has so far been able to engineer a swift turnaround thanks to the vigorous efforts of its newly appointed Management who undertook prompt remedial measures, as part of a larger plan to steer the Bank toward growth and prosperity".
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© Press Release 2010
