Board of Directors of Al Salam Bank – Bahrain recommends the splitting of the par value of the bank’s shares from One Bahrain Dinar to 100 fils

Published June 3rd, 2007 - 01:23 GMT

In its meeting no. 02/2007 on 2nd June 2007, the board of Directors of AlSalam Bank – Bahrain agreed to raise the recommendation to the extraordinary general assembly of shareholders to split the par value of the share price to 100 fils instead of one Bahraini Dinar. The Board of Directors has also authorized the executive management of the bank to undertake the legal requirements and procedures needed to have the final approval from the related government entities and Bahrain Stock Exchange.

On this subject, H.E. Mr. Mohammed Alabbar, Chairman of the Board of Directors of AlSalam Bank – Bahrain, commented that the board of Directors has agreed on the recommendation of splitting the share price to give the benefit to the shareholders and to make it similar to the par value of shares of the most banking institutions listed in Bahrain Stock Exchange. Mr. Alabbar added that such splitting in the share price will also help the investors and the shareholders to benchmark the price and performance of the bank’s shares with the prices of the shares of other banking institutions listed in Bahrain Stock Exchange which will ultimately help the investors to make the right investments decisions.

Al Salam Bank was established on 19 January 2006 in the Kingdom of Bahrain with authorised capital of BD 120 million (US$ 318 million). Al Salam Bank Bahrain BSC operates under an Islamic banking licence issued by the Central Bank of Bahrain (formerly Bahrain Monetary Agency). The Bank’s Initial Public Offering (IPO) of 35 per cent of the paid-up capital, which closed in March 2006, raised over BD 2.7 billion (US$ 7 billion) and was the largest IPO in the Kingdom’s history. The Bank was subsequently listed on the Bahrain Stock Exchange on 27 April 2006.

The founding shareholders of Al Salam Bank hold 65 per cent of the paid-up capital. They include Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding, Global Investment House, Lebanese Canadian Bank, Al Salam Bank Sudan, and Dubai Islamic Insurance and Reinsurance

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