Shareholders of Ithmaar Holding, a Bahrain-based holding company, have approved plans to increase the capital of the company including injection of Tier 1 Capital of up to $200 million.
The initiative that was proposed by the Board of Directors will be subject to legal and regulatory approval.
The plan was presented to Ithmaar Holding shareholders at an Extraordinary General Meeting (EGM) that was held 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 concluded after successfully approving all items of the agenda including the decision to improve the capital of the company,” said Ithmaar Holding Chairman, Prince Amr Al Faisal.
“The proposed initiative demonstrates the group’s continued efforts towards achieving a positive turnaround financial performance for the upcoming years and we will continue to work on various initiatives which will support the group’s growth,” he said.
“Ithmaar Holding remains focused on adding value for its shareholders, realising the long-term objectives of growing the core business and ensuring the independent and focused management of investments and other assets,” said Prince Amr. “The initiative to inject Tier 1 Capital will strengthen the company’s consolidated equity and will allow us to implement our strategic objectives,” he said.-- TradeArabia News Service