29th Mar 2006 11:56
Arab Insurance Group (B.S.C.)29 March 2006 Date: 29 March 2006 Arig shareholders approve dividend distribution Manama: Arab Insurance Group (Arig) held its 25th Annual General AssemblyMeeting of shareholders at the Sheraton Hotel in Bahrain on 29 March 2006. The meeting, with 60% of shareholders attending, was presided over by Arig'sChairman, Mr Khalid Al Bustani and attended by its directors. Shareholders approved Arig's 2005 results which registered a significantincrease in profits to US$ 48.2 million as compared to US$ 26.5 million for2004. The profit for 2005 represents 19.5% return on average shareholders'equity. The General Assembly meeting approved the proposal of the Board of Directors toresume payment of dividends. This involves the payment of a cash dividend of 5%of paid up capital and the distribution of fully paid bonus shares to the extentof 10% of paid up capital by issue of 1 share for every 10 shares now held byshareholders. Following these distributions, the paid up share capital of Arigwill increase to US$ 220 million and total shareholders' equity will be US$ 261million. The Company announced it is making elaborate arrangements to distribute thedividends to shareholders in the various GCC countries through bankers chequesdrawn in local currency. Through this, shareholders will not only be able tocollect their funds faster through local clearing arrangements, but will alsoincur considerably lower collection charges. Dividends are expected to bedistributed on or before 30 April 2006 after completion of due processes. At the meeting, shareholders expressed their appreciation to the board for theongoing success of the Company and in resuming dividend distributions. Mr Khalid Al Bustani said "we are grateful to our shareholders whose support andconfidence helped us to achieve our task. We would like to thank the outgoingCEO of Arig, Mr Udo Krueger, who has been instrumental in successfullyspearheading and completing the implementation of various initiatives over thelast 6 years. We are also pleased with a smooth and planned transition that istaking place to a new generation of Arig's managers with Mr YassirAlbaharna, assuming office as CEO from 1 April 2006." - End - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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