Shareholders of Ithmaar Holding B.S.C. (Bahrain Bourse and Dubai Financial Market Trading Code: “ITHMR”), a Bahrain-based holding company, today (ed note: 04/06/23) approved plans to improve the capital of the Company. The initiative, that was proposed by the Board of Directors, includes injection of Tier 1 Capital of up-to $200 million which will be subject to legal and regulatory’ s approval.
The plan was presented to Ithmaar Holding shareholders at an Extraordinary General Meeting (EGM) that was held at The Ritz-Carlton Hotel in Seef District and chaired by Ithmaar Holding board member, Mr. Mohammed Bucheeri. The EGM was attended by members of the Ithmaar Board of Directors, its executive management team and its Sharia Supervisory Board, as well as representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce (MOIC), the Bahrain Bourse, and statutory auditors KPMG Fakhro.
“The EGM has been concluded after successfully approving all items of the agenda including the decision to improve the capital of the Company,” said Ithmaar Holding Chairman, His Royal Highness Prince Amr Al Faisal. “The proposed initiative demonstrates the Group’s continued efforts towards achieving a positive turnaround financial performance for the upcoming years and we will continue to work on various initiatives which will support the Group’s growth,” he said.
“Ithmaar Holding remains focus on adding value for its shareholders, realising the long-term objectives of growing the core business and ensuring the independent and focused management of investments and other assets,” said HRH Prince Amr. “The initiative to inject Tier 1 Capital will strengthen the Company’s consolidated equity and will allow us to implement our strategic objectives,” he said.