Shareholders of Bahrain Commercial Facilities Company (BCFC) have approved the distribution of cash dividend of 20 per cent of paid-up capital at 20 fils per share amounting to a total of BD4,029,000.
The dividend payout includes BD3,665,000 from the profit of 2022 and BD364,000 from retained earnings, with the distribution of dividend scheduled on April 17, 2023.
The announcement follows the annual general assembly of the company held at the Diplomat Radisson Blu Hotel and Spa, with a quorum of 86.85pc.
At the meeting, the company’s shareholders reviewed and approved the minutes from the last ordinary general meeting, the board of directors’ report and the financial results of the company’s activities for 2022.
The shareholders also reviewed and approved the company’s financial statements for 2022, and the external auditor’s report on the financial statements for 2022.
Also approved was the remuneration of BD275,000 to the board for 2022.
Furthermore, the shareholders approved the issuing of new bonds/sukuk with a maximum value of BD50 million when required, with the board determining the terms and conditions, and subject to the Central Bank of Bahrain’s (CBB) approval.
The meeting also ratified the corporate governance report, which demonstrated its compliance with the CBB regulatory requirements for 2022. Additionally, it ratified the appointment of board member Dana Raees.
After due deliberation, five members have been elected to the board for the next three years, which is subject to the prior approval of the CBB.
“In 2022, Bahrain Commercial Facilities Company had an extraordinary year, as evidenced by our comprehensive and insightful evaluation of the company’s progress. To keep up with the shifting needs of the market and development, we have implemented a new strategy that allows us to provide our partners and customers with greater agility and competitiveness while leveraging our full potential to continue contributing to the sustainable economic growth of Bahrain,” said chairman Abdulrahman Fakhro.
Chief executive Abdulla Bukhowa said, “We are tirelessly striving to expand our reach and strengthen our position in the Bahraini market. Additionally, we are capitalising on our successes and actively seeking out new opportunities to grow and develop our business, creating long-term value for our shareholders.”
avinash@gdnmedia.bh
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