Bahrain's KHCB gets shareholder approval for delisting from Dubai's DFM

Shareholders also approved the reduction in the bank's issued and paid capital

  
Stock traders Haitham Rashean(R) and Lupna Saleh work in the stock exchange November 4, 2002 in Manama, Bahrain.

Stock traders Haitham Rashean(R) and Lupna Saleh work in the stock exchange November 4, 2002 in Manama, Bahrain.

Getty Images/Joe Raedle

Khaleeji Commercial Bank’s (KHCB) shareholders agreed to delist the bank’s shares from Dubai Financial Market (DFM), the Bahraini bank said in a statement.

At their ordinary general meeting held on Wednesday 25 March, shareholders authorised the board to take all necessary procedures and requirements in this regard, subject to approval of the related regulatory authorities.

Shareholders also approved the reduction in the bank’s issued and paid capital to 89.2 million Bahraini dinars ($235.8 million) from 105 million dinars at the extraordinary general meeting also held on Wednesday. The reduction, through the write-off of accumulated losses worth 15.8 million dinars, is subject to the Central Bank of Bahrain’s approval.

The meeting also approved the recommendation of the board to issue sukuk as additional tier 1 capital of up to $200 million to support the capital base.

(Writing by Gerard Aoun; Editing by Anoop Menon)

( Gerard.Aoun@refinitiv.com )

#Bahrain #bank #Dubai #capital #delisting #GCC

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