AUB AGM approves dividend of 20pc cash, 10pc bonus shares | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

AUB AGM approves dividend of 20pc cash, 10pc bonus shares

TDT | Manama

The Annual General Meeting of Ahli United Bank (AUB) yesterday approved a cash div- idend of 20 per cent (US$ 5.0 cents per share), totalling US$ 438.7 million, together with a bonus share issue of 10% (one share per 10 ordinary shares) in respect of fiscal 2019.

AUB shareholders, represent- ing 78.25pc of the bank’s total issued shares, also ratified the reduction of the number of Directors from eleven to ten Directors.

Annual General Meeting (AGM) and its Extraordinary General Meeting (EGM) was held at the bank’s headquarters in the Seef District.

At the AUB EGM held on the same day, the shareholders ap- proved increasing its capital by 877,444,428 shares, and the ex- tension, for a further two years, of their standing authorization for the Board of Directors to decide on the timing, pricing and other terms of issuance of up to US$ 4 billion in bonds, loans and other subordinated or capital equivalent financial instruments.

AUB’s Chairman Meshal Ab- dulAziz Alothman said: “The Group’s net profit climbed to US$ 730.5 million on the back of broadly diversified operating income of US$ 1,235.5 m, as we continued to deepen our client focus and engagement by sec- tor and geography, to accelerate our digital transformation initi- atives and to press ahead with better positioning AUB for the future.”

He added: “This AGM also marks AUB’s twentieth anni- versary, and there is much to celebrate. AUB today is well recognised as a strong, estab- lished bank with a unique re- gional banking vision. Since 2008, we have increased our equity by US$ 2.3 billion while returning US$ 3bn in cash div- idends to our shareholders, in- cluding US$ 1.8bn in the last five years”.