Batelco AGM approves BD 45.7 million cash dividends | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Batelco AGM approves BD 45.7 million cash dividends

TDT | Manama

The shareholders of Batelco, a leading digital solutions provider, yesterday approved the distribution of a full-year cash dividend of BD45.7M (US$121.2M), at a value of 27.5fils per share. 10fils per share was already paid during the third quarter of 2019 with the remaining 17.5fils to be paid in the coming weeks.

The Annual General Meeting held at Hamala headquarters also approved the appointments and elections of Board Members for the next three-year term 2020-2023. Mumtalakat Holding Company appointed four membersShaikh Abdulla bin Khalifa Al Khalifa, Raed Abdulla Fakhri, Abdulla Abdulhameed Alhammadi, and Fatema Ghazi AlArayedh - to the Board.

Amber Holdings named Shaikh Ali bin Khalifa Al Khalifa and will announce the name of the other representatives at a later time. The Social Insurance Organisation (SIO) appointed Khalid Hussain Taqi and Abdulla Abdulrazak Bokhowa. Shareholders during the AGM named Jean Christophe Durand and Ahmed Abdulwahed Abdulrahman.

In his comments, Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa told shareholders that the company’s revenues for the full year 2019 were BD401.5M (US$1,065.0M), and revenues in the home market of Bahrain have increased by 5 per cent year-over-year boosted by revenues from fixed broadband, data communications and mobile services.

“2019 saw EBITDA decreased by 1pc in comparison to 2018, impacted by BD11.1M (US$29.4M) voluntary employee retirement programme cost. Adjusted EBITDA for the year without the voluntary employee retirement cost is 7pc higher year-on-year, driven by the 5pc YoY reduction in operating expenses.”

“I am pleased to welcome the new Board for the next threeyear term and look forward to working with them and utilising their expertise and knowledge in helping consolidate Batelco’s position,” he added. Batelco CEO Mikkel Vinter said this year Bateco plan to “further increase the areas of 5G coverage around the Kingdom.”

“We will be investing in adjacent businesses in Bahrain and the MEA region, focusing on specific clusters of FinTech, B2B solutions, e-government and e-commerce,” he added. Batelco AGM 2020: Presentation Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa, CEO Mikkel Vinterw with CFO during the Annual General Meeting held at Hamala headquarters B