Securities and Investment Company (Sico), the Bahrain-based investment bank, saw net profit rise to BD3.785 million ($10.038 million) last year, up from BD3.078 million in 2009.

At its annual general meeting at the Golden Tulip Hotel yesterday the shareholders approved the payment of a cash dividend of BD2.55 million representing six per cent of the paid up capital.

They also agreed to the transfer of BD379,000 to the general reserve and retained earnings of BD475,000 carried forward for next year.

After appropriations, total shareholders' equity at year-end 2010 stood at BD56.7 million compared to BD53.7 million for 2009.

The shareholders also approved directors' remuneration of BD100,000 and BD30,000 to be spent on supporting charitable, cultural and educational activities.

They also approved the increase of the paid up capital from BD42.528 million to BD42.652 million.

This increase of capital represents the issue of 1,236,542 new shares with a nominal value of BD123,654 allocated to the employee share ownership programme.-TradeArabia News Service