Khaleeji Commercial Bank recommends bonus shares

Manama: Khaleeji Commercial Bank BSC (KHCB) yesterday held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) during which decision was taken to distribute 5 per cent of paid up capital as bonus shares to the shareholders registered (by issuing 5 shares for every 100 existing shares) equivalent to 50,000,000 new shares equivalent to BHD5 million.

The AGM also approved the transfer of BD701,460, which is equivalent to 10pc of the net profits to the Statutory Reserve. Additionally to allocate BD131,314 as remuneration payment to the Board of Directors and BD1,181,824 to retained profit.

On other hand, the AEM approved the amendments to the Article and Memorandum of Association of the bank in according with the AGM resolutions and the requirements of resolution (50) for the year 2014 with respect to the amendments to Bahrain Commercials Companies Law of 2001, subject to obtaining the approvals from the concerned governmental bodies. 

Speaking on the occasion, Dr Ahmed Al Mutawa, Chairman of KHCB said, “We are extremely happy with the positive results we have achieved for the year ending 31st December, 2015. As we have announced a 109.8pc increase in net profits, despite the economic challenges and geopolitical developments coupled with the steep decline in oil prices, which impacted the economic growth potential of the region.”

Khalil Ismaeel Al Meer, KHCB’s Chief Executive Officer, said,“In 2016, and in line with our new strategy, we have opened our 11th branch, located in Juffair Mall. The bank further revamped its eBanking application by adding extra security features and launching its new mobile banking application.”

Looking ahead, Al Meer said, “The local market, however, will remain the main focus of our strategy, as we look forward to providing more innovative services and products for our clients, and at the same time maintain our current operations and to make our services more accessible and expand through our various online channels.”