Al Baraka Banking Group holds AGM and EGM

TDT | Manama  

The Daily Tribune – www.newsofbahrain.com

Al Baraka Banking Group shareholders on Wednesday approved the Board of Directors’ recommendations to transfer US$11,274,985 (10% of the net income attributable to equity holders of the Parent) to the Statutory Reserve.

They also approved allocating US$ 346,967 as Zakat on behalf of all shareholders and transferring US$ 101,474,868 to the retained earnings. The approvals were during the Group’s Annual Ordinary General Meeting and Extraordinary General Meeting chaired by the Vice Chairman of the Group’s Board, Mohammed AlShorooqi via e-AGM audiovisual communication technology with a quorum of 76.41%.

The meeting was in the presence of the Group Chief Executive Officer, Mazin Manna, Board of Directors and Executive Management. The shareholders further approved the consolidated financial statements for the financial year ended 31 December 2021 and the related parties’ transactions.

Shareholders approved the disbursement of US$ 1.5 million as remuneration to the Board of Directors for the financial year ended 31/12/2021. They also approved the aggregate benefits and remuneration of US$105,000 to the members of the Unified Shari’a Supervisory Board for the financial year ending 31 December 2021.

The AGM shareholders approved the delisting of Al Baraka Banking Group’s shares from Nasdaq Dubai, effected through the cancellation of the admission of the ordinary shares of the Group to the Official List of Securities maintained by the Dubai Financial Services Authority and the removal from trading on Nasdaq Dubai, subject to obtaining the necessary regulatory approvals.

The General Assembly absolved the Directors from liability for the Financial Year ended on 31/12/2021 then approved the recommendation of the Board of Directors to appoint PricewaterhouseCoopers as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/ 2022.