Al Baraka Group holds AGM, okays cash dividend

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Al Baraka Group (ABG) held its Annual General Meeting (AGM) on 20 March 2024 via the e-AGM audiovisual communication platform. A quorum of 85.2% was achieved for the meeting which was chaired by Mohamed Alshroogi, Vice Chairman of the Group’s Board of Directors.

The meeting was held in the presence of Members of the Board of Directors, including the Group Chief Executive Officer, Houssem Ben Haj Amor, and the Executive Management team.

Representatives from regulatory bodies including the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce (MOIC), and the Bahrain Bourse were also in attendance.

The Group’s report on activities for the financial year ended 31 December 2023 was presented, discussed, and subsequently approved.

As per the approvals, 10% of the net income attributable to shareholders’ equity of the parent company, amounting to US$ 14,350,885, will be transferred to the statutory reserve.

A cash dividend of 1% of the par value per share will be distributed to the registered shareholders on the record date, excluding treasury shares with an amount equals to US$ 12,357,047.

The remaining US$ 116,800,916 will be transferred to the retained earnings.

Shareholders also approved the Board’s recommendation for the remuneration payment of US$ 1.5 million to the members of the Board of Directors for the financial year ended 31 December 2023.

Authorized the Group’s management to disburse US$ 576,295 at a rate of 0.05 cents as Zakat on behalf of all shareholders.

Additionally, approval was received on the aggregate benefits and remuneration of US$ 105,000 to the members of the Unified Shari’ah Supervisory Board for the financial year ended 31 December 2023.

Finally, the shareholders ratified the Board of Directors’ recommendation to re-appoint Messrs. PricewaterhouseCoopers as External Auditors for Al Baraka Group for the financial year ending on 31 December 2024.