KHCB holds annual AGM, appoints new directors

Manama : The Annual General Meeting and Extra Ordinary General Meeting of the Khaleeji Commercial Bank (KHCB) yesterday approved the bank’s financial statements, appointment of new Board of Directors and declared the inclusion of the bank’s shares in Dubai’s financial market. 

This in addition to the approval for the bank’s allocation of the net profits of the financial year ended in the December 31, 2016 by deducting the amount of BD530,992, representing 10 per cent of the net profits as statutory reserves, and transferring the amount of BD 4,418,723 to retained earnings. 

The Governance’s report on the extent of the bank’s commitment to the requirements issued by the Central Bank of Bahrain was also okayed, in addition to absolving the members of the Board of Directors from any liabilities for their actions during the previous financial year. 

The meeting headed by Dr. Ahmed Al Mutawa, Chairman of the Board of Directors of the Bank also gave nod to GFH’s acquisition of Emirates Islamic Bank shares. Furthermore, during the Extra ordinary general meeting, it was approved to exempt GFH Financial Group from presenting an offer of compulsory ownership and acquisition to the rest of the shareholders, increasing the ownership percentage of 46.97 per cent to no more than 55.38pc of the shares of KHCB, through the acquisition of shares owned by Emirates Islamic Bank over the next three years.  This is in accordance with the chapter on ownership and acquisition deals issued by the Central Bank of Bahrain.

The ordinary meeting saw the approval of the board’s report, the report of the external account auditors, and the discussion of the Sharia Supervisory Board’s report on the bank’s operations during the financial year that ended in December 31, 2016. 

The meeting also informed the shareholders about the initiatives to be implemented during 2017,  reappointed the Sharia Supervisory Board members and the auditors for the year 2017 and decided to appoint and elect members of the Board of Directors for the next three-year period, subject to the approval of the Central Bank of Bahrain. 

On the occasion, Dr. Ahmed Al Mutawa said, “Our priorities at this stage are to further develop the bank’s activities to strengthen its position as a prominent bank among the ranks of Islamic banks in the Kingdom, through enhancing the network services it offers and introducing a range of innovative and leading products, which suit the needs of our valued clients.” 

For his part, Khalil Ismail Al Meer, Chief Executive Officer of the bank, stated, “In 2016, Shuaa Capital, the leading financial services organisation in the United Arab Emirates, completed a deal to acquire a share of 14pc (with a total 147,106,849 shares) in the bank. It is hoped that this transaction will reflect positive results on the bank, given the prominent reputation of this new shareholder.”

Al Meer also said the bank has managed to achieve several main objectives during the second year of its new strategic plan, including the opening of 11th branch and the launch of an innovative range of products and services to individuals and companies.