United Gulf Bank (UGB), the asset management and investment banking platform of the Kipco Group, appointed two independent directors to its board at its annual meeting yesterday.

"The board unanimously supports the principle of independent directors and I am delighted to welcome Faick Al Saleh and Bader Al Awadi as independent members to UGB's board," said UGB chairman Faisal Al Ayyar.

The shareholders approved financial statements for the year ended December 31 and also approved the directors' recommendation not to pay any dividend this year.

Last month, UGB announced a net profit of $1.5 million against $38.7 million the previous year.

Ayyar chaired the meeting which was held at its offices in UGB Tower, Diplomatic Area. More than 95 per cent of shareholders were represented at the meeting.

At the meeting, shareholders also approved other appropriations including board recommendations to donate $50,000 to charity and educational support in Bahrain.

Al Ayyar paid tribute to the government of Bahrain for its long-standing support and to the regulatory and supervisory authorities in the jurisdictions where UGB operates for their guidance and constructive co-operation.-TradeArabia News Service