Ithmaar Holding shareholders approve plans to improve capital
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Shareholders of Ithmaar Holding, a Bahrain-based holding company, yesterday approved plans to improve the capital of the Company.
The initiative, proposed by the Board of Directors, includes injection of Tier 1 Capital of upto $200 million which will be subject to legal and regulatory approval.
The plan was presented to Ithmaar Holding shareholders at an Extraordinary General Meeting (EGM) at The Ritz-Carlton Hotel in Seef District and chaired by Ithmaar Holding board member, Mohammed Bucheeri.
The EGM was attended by members of the Ithmaar Board of Directors, its executive management team and its Sharia Supervisory Board, as well as representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce (MOIC), the Bahrain Bourse, and statutory auditors KPMG Fakhro.
“The EGM has been concluded after successfully approving all items of the agenda including the decision to improve the capital of the Company,” said Ithmaar Holding Chairman, His Royal Highness Prince Amr Al Faisal.
“The initiative to inject Tier 1 Capital will strengthen the Company’s consolidated equity and will allow us to implement our strategic objectives,” said HRH Prince Amr.