AlBaraka Banking Group is planning to pay a cash dividend of $44.64 million (six cents per share) to shareholders, equal to six per cent of the issued and paid-up capital, in addition to one bonus share for every 16 held by the shareholders.

The group has convened ordinary and extraordinary general meetings to be held successively at 12.30pm on Wednesday at Bahrain Conference Centre, Crowne Plaza Hotel.

Chairman Shaikh Saleh Abdulla Kamel said that the ordinary general meeting agenda will include reviewing and approving the consolidated financial statements for the financial year ended on December 31 in addition to approving the proposed declaration of dividend to shareholders for last year, after obtaining the required official approvals.

The agenda includes the cash dividend to shareholders registered on the date of the meeting and issuing one bonus share for every 16 fully paid-up shares to the shareholders registered on the date equal to 6.25 per cent of the issued and paid-up capital.

While the extraordinary general meeting agenda will include approving the increase of the issued and paid-up share capital by transferring $46.5 million from the share premium to the share capital to issue bonus shares.

The meeting will also decide on increasing the maximum number of the members of the board of directors from 11 to 15, and to issue a decree for the election of two new members for the remaining period of the board.-TradeArabia News Service