Inovest elects new directors

Manama : Inovest a leading investment group listed on both Bahrain Bourse and Boursa Kuwait announced a series of private transactions on Boursa Kuwait, in which an alliance of investors purchased approximately 20 per cent of Inovest’s shares.  

The undertaken deal created a shift in the ownership structure within Inovest, which was subsequently followed by the resignation of its Board of Directors.  Accordingly, Inovest Group held an Ordinary General Meeting to elect its new Board of Directors.  

The OGM, chaired on behalf of the shareholders by CEO Murad Al Ramadan, saw the election of Dr. Abdulla Al Humaidi, Bashar Altuwaijri, Ayman Sheet, Shilash Alhajraf, and Fahad AbdulJalil as the new members of the Board, subject to obtaining the approval of the Central Bank of Bahrain.

Commenting on the occasion, Murad Al Ramadan said, “The shift in our ownership structure reflects an energizing change, and a new stage of expansion which we believe will result in strong shareholder returns.”

Inovest’s share price reached a 52-week high trading at US cents 44 per share, and up 144pc over the period; the aforementioned special transactions were concluded at US cents 49 per share.  

Lately INOVEST’s reported US$17.3 million net profit half yearly results, an increase of 220pc compared to the same period in 2016.