Ahli United AGM okays 18pc cash dividends

Manama : Ahli United Bank BSC has announced the distribution of a cash dividend of 18 per cent (US$4.5 cents per share) together with bonus shares of 5pc (five shares per 100 ordinary shares) in respect of the financial year ended 31 December 2015 for shareholders registered as of 29 March 2016.

This was announced during the Annual General Meeting and the Extraordinary General Meeting at the bank’s headquarters in Seef District. The meetings were presided over by AUB’s Chairman Hamad M. Al Humaidhi and were attended by shareholders representing 81pc of bank’s shares. 

AUB’s shareholders elected Abdulghani MSY Behbehani as a Shareholder Director and approved the appointment of Ahmed Ghazi Al Abduljaleel as a representative of Kuwait’s Public Institution for Social Security and Mohamed  Tareq M. Sadeq as an expert director to the Board, subject to an approval by the Central Bank of Bahrain.   

AUB’s AGM also approved the repurchase by AUB of its own shares up to a maximum of 10pc of its issued capital in accordance with the terms and conditions set by the Central Bank of Bahrain.  

In their EGM, AUB’s shareholders voted to extend for a further two years their authorization for the Board of Directors to decide on the timing, pricing and terms of the issuance of up to US$4 billion in bonds, loans or any other similar subordinated financial instruments deemed required to support the growth plans of the Bank. 

Addressing the shareholders, Al Humaidhi said: “Despite the global uncertainties and continuing challenges faced in its operating markets, AUB reported another robust performance in 2015, by achieving an 11.3pc growth in net profit to US$537.2 million, on the back of strong operating income totalling US$1,091.9 million, thereby validating the resilience and viability of its core business model based on product and market diversification.”