Investors Relations

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General Assembly Meeting

The General Assembly of shareholders held its 6th extra ordinary meeting and 24th ordinary meeting on Feb 20, 2001.

A) Resolution of extra - ordinary meeting:

• Increase the Bank's paid up capital from JD 20 million to JD 25 million (from USD 28.2 million to USD 35.3 million) through the capitalization of JD 5 million (USD 7 million) from the share premium reserve (equivalent to 5 million shares) and distribute them as bonus shares at the rate of 1 share to each 4 shares held.
   

• Increase the Bank's Board of Directors from 7 members to 9 members.
   
• Authorize the bank to acquire Insurance company/s in accordance with the prevailing terms of the company's law, securities law and CBJ instructions.
   
• Authorize the Bank's management to execute the above resolutions in the way it deems appropriate.

B) Resolutions of ordinary meeting:

• Approve the Boards of Director's report and the Financial Statements for the year ended Dec 31, 2000.
   
• Elect the Board members for the term 2001-2005 as follows:
  • Board Members:
    • United Gulf Bank (2 members)
    • Strategy Co. for Investments
    • Al-Futouh Co for Investment.
    • Kuwait Projects Co. (Holding)
    • Social Security Corporation
    • Mr. Naser Al-Louzi
    • Mr. Moh'd Suhail Tahboub
    • Mr. Faroul A. Al-Aref
• Elect Messrs Saba & Co. as the Bank's Auditors for the year 2001 and authorize the Board of Directors to determine their fees.

The 25th Ordinary General Assembly Meeting

• Approve the Board of Director's report and the financial statements for the year ended 31/12/2001.
   
• Elect Messrs. Saba & Co. as the Bank's Auditors for the year 2002, and authorize the Board of Directors to determine their fees.
   
• Approve the Board of Director's recommendation to the General Assembly that 15% of the Bank’s capital to be distributed as cash dividends to the shareholders.

The 26th Ordinary General Assembly Meeting

The General Assembly of Shareholders held its ordinary meeting on Tuesday the 19th of February 2003, and decided the following:

• Approve the Board of Director's report and the financial statements for the year ended 31/12/2002.
   
• Elect Messrs. Saba & Co. as the Bank's Auditors for the year 2003, and authorize the Board of Directors to determine their fees.
   
• Approve the Board of Director's recommendation to the General Assembly that 16% of the Bank’s capital to be distributed as cash dividends to the shareholders.

7th Extra ordinary meeting and 27th Ordinary meeting

The General Assembly of shareholders, held its 7th extra ordinary meeting and 27th ordinary meeting on Feb. 15, 2004.

Resolution of extra – ordinary meeting:

• Raising the Bank’s capital to JD 31.250 million (USD 44 million) by capitalizing JD 6.250 million from retained earnings and premium reserve equivalent to 25 per cent of the capital. Accordingly, the value added to shareholders’ investments translates into one bonus share for every four shares held.

Resolution of ordinary meeting:

• Approve the Board of Director’s report and the financial statements for the year ended Dec. 31, 2003.

• Elect Mr. Moh’d Abu-Ghazaleh a new member in the Board of Directors.

• Elect Messrs Saba & Co. as the Bank’s auditors for the year 2004 and authorize the Board of Directors to determine their fees.

• Approve the Board of Director’s recommendation to the General Assembly to distribute cash dividends equivalent to 20% of the capital to the shareholders.

General Assembly Meetings: The General Assembly of shareholders held its 8th extra ordinary meeting and 28th ordinary meeting on Feb 23, 2005.

A) Resolution of extra – ordinary meeting:

• Increase the Bank’s paid up capital to JD 40 million (USD 56.4 million) through the capitalization of  (USD 12.341 million) from the reserves and retained earnings (equivalent to 28% of capital) and distribute them as bonus shares.
• Amend the Bank memorandum of association and article of association to reflect the above changes.

B) Resolutions of ordinary meeting:

• Approve the Boards of Director’s report and the Financial
• Statements for the year ended Dec 31, 2004.
• Approve the Board of Director’s recommendation to the General Assembly to distribute cash dividends equivalent to 20% of the Capital to the shareholders.
• Elect Messrs Saba & Co. as the Bank’s Auditors for the year 2005
• and authorize the Board of Directors to determine their fees.
• Authorize the Bank’s management to execute the above resolutions in the way it deems appropriate.
• Elect the Board members for the term 2005-2008 as follows: 

Board Members

United Gulf Bank- Bahrain ( 2 members )

Strategy Co. for Investments

Al-Futouh Co for Investment - Kuwait

Kuwait Projects Co. (Holding) - Kuwait                                

Social Security Corporation

Mr. Naser Al-Louzi

Mr. Farouk Aref Al-Aref

Mr. Moh’d Abu-Ghazaleh

General Assembly Meetings: The General Assembly of shareholders held its 9th extra ordinary meeting and 29th ordinary meeting on March 1, 2006.

A)   Resolution of extra – ordinary meeting:

• Increase the Bank’s paid up capital to JD 60 million (USD 84.626.234 million) through the capitalization of (USD 28.208.745 million) from the reserves and retained earnings (equivalent to 50% of capital) and distribute them as bonus shares.
• Amend the Bank memorandum of association and article of association to reflect the above changes.

B)   Resolutions of ordinary meeting:

• Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2005.

• Elect Messrs Saba & Co. as the Bank’s Auditors for the year 2006.

• Authorize the Bank’s management to execute the above resolution in the way it deems appropriate.

• Approve the Board of Directors recommendation to increase the Bank's capital to JD 75 million (USD 105,78 million) by offering 15 million share for private subscription at JD one as a par value and JD two per share as a premium.
  
• Amend the Bank memorandum of association and article of association to reflect the above changes.
  
• Authorize the Bank's management to execute the above resolution in the way it deems appropriate.

General Assembly Meeting: The General Assembly of shareholders held its 30th ordinary meeting on February 19, 2007.

Resolutions of ordinary meeting:

• Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2006.
• Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends equivalent to 20% of the capital to the shareholders.
• Elect Messrs Deloitte & Touche (M.E.) Jordan as the Bank’s Auditors for the year 2007.
• Authorize the Bank’s management to execute the above resolution in the way it deems appropriate.

General Assembly Meetings: The General Assembly of shareholders held its 11th extra ordinary meeting and 31st ordinary meeting on March 5, 2008.

A)   Resolution of extra – ordinary meeting:

B)   Resolutions of ordinary meeting:

Major Shareholders of the Bank

Shareholders who own more than 1% of the Bank’s capital