Bahrain, 29 March 2010 - UGB shareholders approve a 5 per cent cash dividend for 2009
 

 

Bahrain, 29 March 2010:  The shareholders of United Gulf Bank B.S.C. – Bahrain (UGB), have approved the financial statements for the year ended 31 December 2009 and also approved the Board of Directors’ recommendation for a payment of 5 percent cash dividend (1.25 US cents per share).

Earlier this month, UGB announced a net profit of US$ 20.1 million, or 2.46 US cents per share, for the year ended 31 December 2009.

The dividend was announced at UGB’s 29th Ordinary General Assembly Meeting held at its offices in UGB Tower, Diplomatic Area, Bahrain, on Monday, 29 March 2010. The meeting was held with more than 95 percent of shareholders represented. At the meeting, shareholders also approved other appropriations including US$ 300,000 for charity and donation.

On behalf of UGB’s Board, Mr Faisal Al Ayyar paid tribute to the Government of the Kingdom of Bahrain and the Government of the State of Kuwait, the Central Bank of Bahrain, the Capital Markets Supervision Directorate, the Ministry of Industry and Commerce, and to the Stock Exchanges in Bahrain and Kuwait for their encouragement and support.

Mr Al Ayyar also expressed appreciation for the trust shown by the shareholders and mentioned that despite the difficult market conditions UGB has maintained a dividend history and has declared a 5 percent cash dividend. Mr Al Ayyar also thanked the Bank’s executive management and all staff for their hard work during 2009.

 

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Notes to Editors:

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment banking and asset management companies. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of December 2009, assets under management exceeded US$ 7.2 billion (2008: US$ 9 billion). UGB’s core subsidiaries and associates include: Al Dhiyafa Investment Company, Al Sharq Financial Brokerage Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Private Equity, North Africa Holding Company, Royal Capital Company, Syria Gulf Bank, Tunis International Bank, United Networks (formerly United Cable Company), United Gulf Bank Securities Company, United Gulf Financial Services – North Africa, United Healthcare Company, United Industries Company and United Real Estate Company.

UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.

UGB is part of the KIPCO Group - is part of the KIPCO Group - one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.6 billion. The Group has substantial ownership interests in a portfolio of over 60 companies operating across 26 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, airline, education and management advisory sectors.

 

For further information:

United Gulf Bank / Telephone: +973 17533233 / Email: info@ugbbah.com