Ahli United Bank B.S.C today held its Annual General Meeting (AGM) and its Extraordinary General Meeting (EGM) at the Bank's Head Office in Seef District, Kingdom of Bahrain. The meetings were presided over by AUB’s Chairman Mr. Hamad Al-Humaidhi.
The AUB AGM approved the distribution of a cash dividend of 18% (US$ 4.5 cents per share), amounting to US$ 341.6 million, together with a bonus share issue of 5% (five shares per 100 ordinary shares) to shareholders registered as at 29 March 2018.
AUB’s shareholders also approved the repurchase by the Bank of its own shares up to a maximum of 10% of its issued shares in accordance with the terms and conditions set by regulators.
AUB's shareholders then proceeded to elect/appoint eleven members for a new three year term for the Board of Directors:
- Hamad M. Al-Humaidhi, representing Wafra Intervest Corporation (Kuwait)
- Mohamed J. Al-Marzooq
- Rashid I. Al-Meer, representing Social Insurance Organisation (Bahrain)
- Mohamed F. Al-Ghanim
- Adnan A. Al-Marzouq
- Abdulghani M. Behbehani
- Ahmed G. Al-Abduljalil, representing the Public Institution for Social Security (Kuwait)
- Abdullah M. Al-Mudhaf
- Jamal A. Al-Naif
- Mahmoud Difrawi
- Adel. A. El-Labban.
At their EGM held on the same day, AUB's shareholders resolved to extend, for a further two years, their standing authorization for the Board of Directors to decide on the timing, pricing and other terms of the issuance of up to US$ 4 billion in bonds, loans or other similar subordinated financial instruments, as necessary to support the growth plans of the Bank.
The Bank’s EGM also authorised the issuing of up to an additional 150 million AUB ordinary shares, with a nominal value of 25 cents per share, as required for the purposes of the Bank’s Mandatory Share Plan (MSP) and the Employee Share Purchase Plan (ESPP), subject to all regulatory approvals and in accordance with the provisions of the Bahrain Commercial Companies Law and of the Articles of Association of the Bank.
AUB’s shareholders also approved amendments to the Memorandum and Articles of Association of Ahli United Bank B.S.C., pursuant to the recently amended Commercial Companies Law.
Following shareholders’ meetings, the newly elected directors met and unanimously reelected Mr. Hamad Al-Humaidhi as Chairman and Messrs. Mohammad Al-Marzooq and Rashed Al-Meer as Deputy Chairmen of the AUB Group.
AUB’s Chairman Al-Humaidhi commented: “It is my pleasure to congratulate my fellow board members on their reelection and to welcome the newly elected colleagues to the Board. On behalf of them all, we are grateful to our shareholders for their continued trust and confidence and for their unstinting support over the years which enabled AUB to go from strength to strength. I would also like to express my deep thanks and appreciation to our departing Directors, Messrs. Abdulla Al-Sumait, Michael Essex and David Hodgkinson who have contributed immensely to the growth and development of AUB over the past years”.
“2017 proved a challenging yet very successful year for AUB. We delivered record results, grew our footprint across sectors and geographies, and set the Bank on a more robust course for the future. Particularly gratifying is our exceptional track record in delivering market-leading returns for our shareholders year on year, culminating in a record 16.5% return on average equity for 2017. Over the past 10 years, we delivered over US$ 2.1 billion in cash dividends for our shareholders, including US$ 944 million in the past three years alone. Such consistently strong performance is the product of the able efforts and vision of our management team, the professionalism and dedication of our staff and the strong underlying loyalty and support of our customers across the region and beyond”.
© Press Release 2018