At an Extraordinary General Meeting held on 10 January 2005 in the Kingdom of Bahrain, the shareholders of Bahraini Saudi Bank (BSB) have overwhelmingly agreed to increase the bank’s share capital through a rights issue amounting to BD 30 million.
The increased capital will be used to meet the current and the future needs of the bank, which will see its paid up capital increase to at least BD 50 million. BSB has retained advisors to assist with the process of share valuation and the preparation and filing of various documents with the appropriate authorities.
Shaikh Fahad Mohammed AI Athel, Chairman of Bahraini Saudi Bank said: “We are grateful to our shareholders whose ‘yes’ vote now enables the rights issue to proceed. This outcome is a testament to the confidence held in Bahraini Saudi Bank, which has overcome operational difficulties and is well on its way to profitability as reflected in its financial results in 2003 and 2004.”