Bahrain-based regionally-focused investment bank Securities & Investment Company (SICO) said its shareholders have approved cash dividend of BD2.137 million ($5.67 million), representing five per cent of paid-up capital.

The approval came about during the bank's joint annual and extraordinary general meeting held yesterday at the Golden Tulip Hotel. There was a quorum of 98.24 per cent.

Shareholders discussed and approved the board's report on the bank's activities for 2012, as well as the auditors' report and audited financial results.

Sico had earlier posted a net profit of BD2.74 million for the year ended December 31, 2012, compared to BD488,000 for 2011, reported the Gulf Daily News, our sister publication..

Based on the results, shareholders approved the following appropriations recommended by the board: Transfer of BD314,000 to the general reserve; transfer of BD314,000 to the statutory reserve and directors' remuneration of BD100,000 subject to Industry and Commerce Ministry's approval.

During the meeting, shareholders also approved the increase of the paid up capital from BD42.7 million to BD42.8 million, said the GDN report.

This increase comes in the form of the issue of 1,228,801 new shares with nominal value of BD0.100 allocated to the employee stock ownership plan with the value of BD122,880 subject to the approval of the Central Bank of Bahrain, it added.

The investment bank said its total shareholders' equity at end-2012 surged to BD57.29 million from BD53.88 million the previous year, while the total assets stood at BD78.4 million.

Shareholders also approved BD30,000 from 2013 budget to be spent on supporting charitable, cultural and educational activities.-TradeArabia News Service