Shareholders also approve cash dividend of three per cent.
Bank ABC shareholders has approved the bank’s 2017 financial statement at its annual general meeting. The bank also appointed of the Securities and Investment Company (SICO) as the designated market maker with respect to Bank ABC’s ordinary shares listed on the Bahrain Bourse. This market making arrangement aims to inject more market liquidity, thereby assisting any shareholders who want to buy or sell Bank ABC shares to do so.
The shareholders also approved a cash dividend distribution of three per cent of the issued share capital ($0.03 per share), translating to approximately 48 per cent of the net profit for the year, attributable to the shareholders of the parent, amounting to $93.3 million.
The market making programme with SICO will be in effect for an initial 12-month period following its establishment, to enable Bank ABC to gauge the success of the arrangement, but it may be extended thereafter if the Board of Directors considers it appropriate.
According to this arrangement, Bank ABC can repurchase a percentage of its own shares not exceeding three per cent of the total and can resell them, via the designated market maker, with a view to enhancing the liquidity of the Bank’s shares in the market.
Consolidated net profit, attributable to the shareholders of the parent, for the year 2017 was $193 million, six per cent higher compared to $183 million reported for the previous year.