Bahrain-based Securities & Investment Company (Sico) said it has won approval from the shareholders to buy back treasury shares of up to five per cent of the paid-up share capital, if the need arises, from the Employee Share Ownership Programme.

At an extraordinary general meeting held at the Crowne Plaza Hotel on Monday, Sico shareholders also approved an increase in the paid-up capital of BD42.65 million ($112.9 million) to BD42.72 million.

This increase of capital represents the issue of 738,710 new shares with nominal value of BD0.100 allocated to the Employee Share Ownership Programme.

Both approvals are subject to the agreement of the Central Bank of Bahrain, said the Bahrain-based regionally-focused investment bank.

At the annual meeting before this, which had a quorum of 90.33 per cent, they approved the board's report on the bank's activities for 2011, as well as the auditors' report and audited financial results.

Sico had earlier reported a net profit of BD488,000 for the year compared with BD3.783 million for 2010.

After appropriations, total shareholders' equity at year-end stood at BD53.88 million compared with BD56.75m for year-end 2010.

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