Futurebank Announces Authorized Share Capital and Paid-Up Share Capital increase

Published March 16th, 2010 - 11:30 GMT

Bahrain-based Futurebank has announced that at the recent held Annual General meeting Futurebank shareholders unanimously approved a dividend to the extent of BD13.1 million on its existing capital. The bank has also announced an increase of 32.6% in the Authorized Share Capital and a 32.6% increase in the Paid-Up Share Capital.

The shareholders concurrently met for an Extraordinary General Meeting and unanimously approved Futurebank’s share capital increase. The bank’s Authorized Share Capital was increased by BD24.60million (from an earlier BD75.40 million to BD100 million). Also, the bank’s Paid-Up Share Capital was increased from BD56.55 million to BD75.0 million, an increase of BD18.45 million, in the form of rights issue to be brought in equal proportion to their respective holdings, by its shareholders.

“Futurebank’s unique position in the Bahraini banking scene has the bank well poised to capitalize on the current market environment,” said Dr. Valiollah Seif, CEO of Futurebank. “This share capital increase is in line with the bank’s strategic vision to focus on sustained growth within this Middle Eastern region.”

“The decision to increase Futurebank’s market share is tactical and will aid in the bank’s growth,” said Dr. Seif. “Confident of Futurebank’s continued excellent performance, our shareholders are willing to increase the capital base as and when required. They are wholeheartedly ready to support the bank in its future endeavours,” he concluded.

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