Manama, Kingdom of Bahrain – March 18th, 2010 - Securities & Investment Company (SICO), the Bahrain-based regionally-focused investment bank, held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), on Thursday March 18^th, 2010 at the Golden Tulip Hotel with a 67.79% quorum. Shareholders discussed and approved the board’s report on the bank’s activities for 2009 as well as the auditors’ report and financial results for the year. SICO reported a net profit of BD 3.078 million for the year ending December 31, 2009 compared to 2008’s year-end loss of BD1.4 million. 

Based on the Firm’s 2009 financial results, shareholders approved the following appropriations recommended by the Board:

1.    Transfer of BD 308 thousand to the General Reserve.

2.    Transfer of BD 308 thousand to the Statutory Reserve

3.    Payment of a cash dividend of BD 2,121 thousand to shareholders, representing 5 per cent of paid-up capital.

4.    Directors’ remuneration of BD 135 thousand.

5.    Retained earnings of BD 206 Thousand carried forward for next year

6.    BD 30 thousand to be spent on supporting charitable, cultural and educational activities

After appropriations, total shareholders’ equity at year-end 2009 stood at BD 51.5 million compared to BD 49.8 million for year-end 2008.

In the EGM, shareholders approved the increase of the paid up capital from BD 42,419,709 to BD 42,528,368.8. This increase of capital represents the issue of 1,086,598 new shares with nominal value of BD 108,659.8 allocated to the Employee Share Ownership program (ESOP).

The full press release in English & Arabic can be downloaded here .