Bahrain's NBB shareholders approve plan to increase capital

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MANAMA: National Bank of Bahrain (NBB) shareholders have approved the issuance of up to 145 million new shares during an extraordinary meeting on Sunday at the Downtown Rotana.

This will raise the bank’s capital from BD154,329,258 to BD168,829,258.

Shareholders also approved other items on the agenda.

The meeting was led by chairman Farouk Almoayyed and attended by NBB shareholders representing 80.66 per cent of the total issued and paid-up shares.

It was called after the conventional lender announced earlier this month it has resolved to acquire a majority stake in Bahrain Islamic Bank (BisB).

NBB is offering the shareholders of BisB either 117 fils per share for outright purchase or a share-swap in the ratio of 0.167 shares of NBB for each BisB share (in other words 167 shares of NBB for 1,000 shares of BisB).

Other attendees included the representatives of the Industry, Commerce and Tourism Ministry, Central Bank of Bahrain, Bahrain Bourse, the bank’s external auditor KPMG Fakhro, the bank’s share registrar Karvy and the bank’s advisers Lazard Frères SAS, Trowers and Hamlins, Hassan Radhi and Associates and Sico.

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