Manama, the Kingdom of Bahrain: Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has announced the completion of its Extraordinary General Meeting (EGM) on Monday 4th March 2024, during which a number of decisions were taken that included the approval of increasing the bank’s Issued and Paid-up Capital to BD 113,044,071, an increase of BD 28,261,018.
The EGM was chaired by Mr. Hisham Alrayes, Khaleeji Bank’s Chairman of the Board of Directors, in the presence of a number of board members as well as Mr. Sattam Sulaiman Algosaibi, Khaleeji Bank’s Chief Executive Officer. The EGM witnessed the approval of the Board of Directors’ proposal to convert 47% of Additional Tier 1 Capital Sukuk which was approved to be issued in the EGM held on 25th March 2020 (“Additional Tier 1 Capital Sukuk”) having a par value of USD 74,962,912 into 282,610,178 ordinary shares representing 25% of the Bank’s Issued and Paid-up Capital (excluding Treasury Shares), after obtaining the Central Bank of Bahrain’s approval.
The EGM also witnessed the approval of the Board of Directors’ proposal to redeem the remaining 53% of the Additional Tier 1 Capital Sukuk in cash before its maturity date after conducting the necessary amendments on the relevant documents and authorising the Board to conclude all necessary decisions in relation thereof, subject to obtaining the Central Bank of Bahrain’s approval.
On this occasion, Mr. Hisham Al Rayes stated: “We extend our gratitude to our esteemed shareholders for their invaluable support and endorsement of the Board of Directors’ policies, which have significantly contributed to the bank’s success in terms of financial and operational performance. Khaleeji reaffirms its dedication to advancing steadily towards the attainment of further growth and prosperity in its banking operations. We pledge to deliver new accomplishments by leveraging an innovative business model that is poised to enhance our shareholders’ returns.”
He further added: “The decisions ratified by our esteemed shareholders affirm Khaleeji’s robust standing, solidifying its status as a cornerstone in the Kingdom’s banking & finance industry. The bank’s significant contributions and evident impact on sectoral advancement underscore its position as a key player in driving progress and development. We take pride in the bank’s achievements to date, culminating in the unveiling of its new identity, as we remain steadfast in our commitment to achieving strategic objectives.”
For his part, Mr. Sattam Sulaiman Algosaibi commented: “Khaleeji is proud to adopt a flexible and strategic vision that adapts with the changes and competition in the local market, placing it as one of the pioneers of the banking sector. We look forward to the decisions taken to strengthen our leadership position by continuing to develop and provide innovative products & services to our valued clients, further enhancing their banking experience.”
Khaleeji Bank is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
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