Bahrain, 31 March 2009: United Gulf Bank B.S.C. – Bahrain (UGB), held its 28th Ordinary General Assembly Meeting and an Extraordinary General Assembly Meeting at its offices in UGB Tower, Diplomatic Area, Bahrain, on Tuesday, 31 March 2009, with more than 93 percent of shareholders represented.
Shareholders approved the financial statements for the year ended 31 December 2008. Shareholders also approved the Board of Directors’ recommendation for a payment of 74 percent in cash dividend (US 18.5 cents per share) compared to a 65 percent cash dividend (US 16.25 cents per share) paid in 2007. They also approved other appropriations including US$ 500,000 for charity and donation.
Furthermore, the Extraordinary General Assembly Meeting approved the proposed increase in the Bank’s capital from US$ 210 million to US$ 220 million representing a 40 million share increase.
The Bank has already announced that it has concluded on 30 March 2009, the sale of its investments in Algeria Gulf Bank and Bank of Baghdad to Burgan Bank, Kuwait.
UGB had earlier announced a net profit of US$ 207.2 million, or US 25.31 cents per share, for the year ended 31 December 2008, a decrease of 6.2 percent on the US$ 220.9 million profit, or US 27.3 cents per share for 2007.
On behalf of the Board, Mr. Masaud Hayat, the Managing Director paid tribute to the Government of the Kingdom of Bahrain and the Government of the State of Kuwait, the Central Bank of Bahrain, the Capital Markets Supervision Directorate, the Ministry of Industry and Commerce, and to the Stock Exchanges in Bahrain and Kuwait for their encouragement and support.
Mr. Hayat also expressed appreciation for the trust shown by the shareholders and thanked the Bank’s executive management and all staff for their hard work during 2008.
UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment/asset management companies and commercial banks.
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Notes to Editors:
UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment/asset management companies and commercial banks. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of December 2008, assets under management exceeded US$ 9.0 billion (2007: US$ 8.5 billion). UGB’s core subsidiaries and associates include: Algeria Gulf Bank, Al Dhiyafa Investment Company, Bank of Baghdad, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Finance Corporation, Royal Capital Company, Syria Gulf Bank, Tunis International Bank, United Cable Company, United Gulf Bank Securities Company, United Gulf Financial Services Company, United Healthcare Company, United Industries Company and United Real Estate Company.
UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.
UGB is part of the KIPCO Group - one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than US$19 billion under management or control. The Group has substantial ownership interests in a portfolio of over 50 companies operating across 21 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in Real Estate, Industry, Healthcare and the Management & Advisory sector.
For further information:
Telephone: United Gulf Bank on +973 17533233 or email email@example.com