MANAMA, 30 March 2008 — Bahrain-based BMB Investment Bank (BMB) unveiled an ambitious expansion plans for 2008 and beyond with an intention to increase its paid-up capital by $75 million.
The bank plans to raise through a rights offering and private placement later this year announced at the annual general assembly meeting held yesterday at the bank’s headquarters, which also approved the entire agenda.
The meeting also approved the distribution of a five percent stock dividend to the shareholders.
The shareholders also elected a new board of directors for a three year term which as follows: Wilson Benjamin, Sheikh Abdulla Ali Al Sabah, Karunakar Nampalli, Dr. Awadh Khalid Al-Enezi, Ebhraim Bu Hendi, Alwaleed Kamal and Mazen Abdulkarim.
Following the AGM, an extraordinary general meeting was held which approved to make the necessary amendments to the bank’s memorandum and articles of association in order to reflect the resolutions approved by the first meeting as well as to allow the bank to seek cross listing of its shares on another GCC stock market.
Albert I. Kittaneh, chief executive, said: “We are extremely pleased with the decisions taken today which will enable the bank to pursue its expansion and growth plans on a very solid footing. We look forward to the coming year with great enthusiasm and confidence in our ability to steadfastly progress in our endeavor to shape a unique investment bank.”
Bahrain Middle East Bank (BSC) was established in 1982. The bank’s shares are listed on the Bahrain Stock Exchange under (BMEB.BH) and are held by shareholders primarily across the GCC.