(MENAFN- The Peninsula) Barwa Bank recently convened its Annual General Meeting (AGM) and approved the financials and budgets of the bank, including a cash dividend of 10 percent to shareholders for the fiscal year ending December 31, 2014.
The AGM also discussed the bank's vision going forward, highlighting the role of Sukuk and bond issuance in its record growth, said a statement.
During the AGM, shareholders signed off the development and registration of an EMTN (Euro Medium Term Note) programme to facilitate the issuance of non-convertible Senior Unsecured Sukuk, with a cap standing at $2bn (about QR7.28bn) or its equivalent in other currencies.
This plan will be carried out through the establishment of a SPV (Special Purpose Vehicle) in full compliance with the instructions of the Qatari Central Bank and in accordance with the provisions and amendments of the 2002 commercial companies law number 5. The Board of Directors will be authorized to issue and determine the currency, quantity, terms and conditions of the Sukuks, and will be entrusted with the establishment of the SPV for this purpose. To this end, it will pursue the necessary approvals from the Qatar Central Bank, the Ministry of Economy and Trade, as well as other governmental agencies.
Barwa Bank's Chairman, Sheik Mohammed bin Hamad Bin Jassim Al Thani, opened the meeting with a report detailing the bank's activities and highlighting its financial results and achievements during 2014.
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