BMB Investment Bank (BMB) has announced plans to increase its paid-up capital by $75 million which the bank plans to raise through a rights offering and private placement later this year. 

At the ordinary general meeting held on Saturday at the bank’s headquarters, the approval was given for the full agenda which included the financial statements for the year ended December 31, 2007.

The approval was also granted at the assembly for the distribution of a 5 per cent stock dividend to the shareholders. Additionally, a new board of directors was elected for a three year term whose members include Wilson Benjamin, Sheikh Abdulla Ali Al Sabah, Karunakar Nampalli, Dr Awadh Khalid Al Enezi, Ebhraim Bu Hendi, Alwaleed Kamal, Mazen Abdulkarim

Following the meeting, an extraordinary general meeting was held at which approval was granted to make the necessary amendments to the bank’s memorandum & articles of association in order to reflect the resolutions approved by the first meeting as well as to allow the Bank to seek cross listing of its shares on another GCC stock market.

Albert I. Kittaneh, Chief Executive, said: 'We are extremely pleased with the decisions taken today which will enable the bank to pursue its expansion and growth plans on a very solid footing. We look forward to the coming year with great enthusiasm and confidence in our ability to steadfastly progress in our endeavor to shape a unique investment bank.”

The bank had announced last month its 2007 full year results with a profit of $24.6 million, an increase of 16.6 per cent over the prior year profit of US $21.1 million.-TradeArabia News Service