SICO declares 5 per cent cash dividend for 2015

Manama, Bahrain -21 March 2016 The Shareholders of Securities & Investment Company (SICO), which is licensed by the Central Bank of Bahrain as a conventional wholesale bank, have approved the distribution of a cash dividend of BD 2,142,439 for 2015, which represents 5 per cent of the paid-up capital. The dividend was recommended by SICO's Board of Directors and approved by the Shareholders

  
SICO declares 5 per cent cash dividend for 2015
Manama, Bahrain -21 March 2016

The Shareholders of Securities & Investment Company (SICO), which is licensed by the Central Bank of Bahrain as a conventional wholesale bank, have approved the distribution  of a cash dividend of BD 2,142,439 for 2015, which represents 5 per cent of the paid-up capital. The dividend was recommended by SICO's Board of Directors and approved by the Shareholders at the Bank's Annual General Meeting (AGM) held on Monday 21 March 2016 at the Diplomat Radisson Blu Hotel, Bahrain. The quorum at the AGM was 90.37 per cent.

On behalf of the Board of Directors, Chairman Shaikh Abdulla bin Khalifa Al Khalifa reported: "In what proved to be a very tough year, the Bank posted a commendable financial performance, with a consolidated net profit of BD 2.8 million for 2015 compared with BD 5.4 million the previous year. SICO's financial results reflect the positive performance and greater contribution from our annuity revenue streams, with fee-based income now accounting for 64 per cent of total income."

The Shareholders reviewed and approved the Board of Directors' Report, audited financial statements, and Corporate Governance report, for the year ended 31 December 2015. They also approved the Directors' remuneration and appointment of the external auditors.

Based on the Bank's 2015 financial results, and in accordance with the Bahrain Commercial Companies Law 2001, BD 285 thousand has been transferred to the statutory reserve. Total shareholders' equity after appropriation of the statutory reserve stood at BD 58.4 million at the end of 2015 compared with BD 61.1 million at the end of the previous year.

Following approval by the Shareholders, the Chairman welcomed Mr. Prakash Mohan as the new Board Member representing Ahli United Bank, who brings with him extensive banking experience; and thanked outgoing director Ms. Sawsan Abdulhassan for her valuable contribution during the past seven years.

An Extraordinary General Meeting also took place, at which the Shareholders approved amendments to 13 Articles of the Company's Memorandum of Association and Articles of Association, in order to align them with Bahrain Ministerial Decree (50) for the Year 2014, amending certain provisions of the Commercial Companies Law of the Kingdom of Bahrain, subject to approval by the Ministry of Industry & Commerce and  the Central Bank of Bahrain.

-Ends-

Securities & Investment Company (SICO)
Headquartered in the Kingdom of Bahrain, and with a growing regional presence and international footprint, Securities & Investment Company (SICO) is one of the premier wholesale banks in the GCC region. SICO provides a select range of investment banking solutions - brokerage, market making, treasury, asset management, corporate finance, and custody and fund administration - which are underpinned by an independent, value-added research capability.

Established in 1995, and listed on the Bahrain Bourse in 2003 as a closed company, SICO operates under a conventional wholesale banking licence from the Central Bank of Bahrain. The Bank has two wholly-owned subsidiaries: SICO Fund Services Company (SFS) - a specialised regional custody house; and SICO UAE - an Abu Dhabi-based brokerage firm licensed by the Emirates Securities & Commodities Agency.

© Press Release 2016


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