MANAMA: Shareholders of Al Baraka Banking Group (ABG) have approved the transfer of $11,274,985 (10 per cent of net income attributable to equity holders of the parent) to the statutory reserve, allocation of $346,967 as zakat on behalf of all shareholders and transfer of $101,474,868 to the retained earnings.
The announcement follows ordinary and extraordinary general meetings last week, both of which were chaired by vice-chairman Mohammed AlShorooqi via e-AGM audiovisual communication technology with a quorum of 76.41pc.
The meeting was held in the presence of the group chief executive Mazin Manna, as well as board of directors and executive management, with the participation of shareholders, representatives of the Sharia Supervisory Board (SSB), the external auditors, and supervisory authorities (CBB and MOIC).
Also approved were the minutes of the last ordinary assembly held on March 25, 2021.
The board of directors’ report on the bank’s business activities for 2021, the Sharia Supervisory Board (SSB) and external auditors’ reports were discussed and approved.
Shareholders approved the consolidated financial statements for 2021 and the related parties’ transactions as stated in note No. (25) of the financial statements, which aligns with the Article No. 189 of the Commercial Companies Law.
They also viewed the Corporate Governance report for the year ended 31 December 2021, alongside the Bank’s compliance with other requirements of the Central Bank of Bahrain (CBB).
Shareholders approved the disbursement of $1.5 million as remuneration to board members for 2021.
They also approved the aggregate benefits and remuneration of $105,000 to the members of the Unified Sharia Supervisory Board for 2021.
The delisting of ABG’ss shares from Nasdaq Dubai, effected through a cancellation of the admission of the ordinary shares of the group to the official list of securities maintained by the Dubai Financial Services Authority and the removal from trading on Nasdaq Dubai, subject to obtaining the necessary regulatory approvals, was also approved.
Shareholders also gave the nod authorising and empowering the board of directors or their delegates to undertake the necessary steps and to implement or execute any documents necessary in order to implement the resolution of the ordinary general assembly, including signing the forms or documents required by the relevant regulatory authorities.
The extraordinary meeting began with the approval of the minutes of their previous meeting held on 30 November 2020, after which the attendees approved the amendments of ABG’s memorandum and articles of association in accordance to the legislative decree no. (3) of the year 2022, legislative decree no. (20), (63) and (64) of the year 2021, and the legislative decree no. (28) of the year 2020 in relation to the Commercial Companies Law (CCL) issued by the legislative decree no. (21) of the year 2001 and its amendments, subject to the approvals of the relevant regulatory authorities; the meeting also approved to authorise and empower the board or its delegates to undertake the necessary steps and to implement or execute any documents necessary in order to implement the resolution of the extraordinary general assembly, including signing the fully amended memorandum and articles of association before the notary public and any forms or documents required by the relevant regulatory authorities.
Mr Alshroogi and all members of the board expressed their thanks and appreciation to all the employees for their hard work, dedication and loyalty that contributed to the group’s results and performance in 2021.
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