Shareholders of Bahrain International Bank (BIB) have expressed their support for the Bank's recovery plan by voting in favor of various resolutions at a recent Extraordinary General Meeting, stated a press release.
The shareholders present, representing in excess of 50 percent of the Bank's shares in issue, approved the resolutions presented to them. At the meeting, the shareholders were asked to approve the efforts of the Board of Directors to restructure the capital and the debts of the Bank, and were given a report on the status of the Bank's discussions with its creditors.
Shareholders also voted in favor of a rights issue through which BIB will raise $30 - $50 million. The timing, payment terms and closing date for the rights issue will be announced by the Board of Directors in due course.
The Board has also formed an interim management committee, headed by the Chairman of BIB, to replace Robin McIlvenny who has resigned as Chief Executive Officer.
“The Bank remains in constructive discussions with its creditors and, once we secure their support for our plans, we can begin the process of restoring BIB to financial health,” sated chairman of Bahrain International Bank (BIB) Faisal Al-Marzook. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
