SICO Concludes AGM

Manama, Kingdom of Bahrain – March 25th, 2013 - Securities & Investment Company (SICO), the Bahrain-based regionally-focused investment bank, held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), on Monday March 25th, 2013 at the Golden Tulip Hotel. There was a quorum of 98.24%. Shareholders discussed and approved the board’s report on the bank’s activities for 2012, as well as the auditors’ report and audited financial results. SICO reported a net profit of BD 2.74 million for the year ending December 31, 2012 compared to BD 488 thousand for year-end 2011. Based on the Firm’s 2011 financial results, shareholders approved the following appropriations recommended by the Board: 1. Transfer of BD314 thousand to the General Reserve; 2. Transfer of BD314 thousand to the Statutory Reserve 3. Payment of a cash dividend of BD 2.137 million to shareholders, representing 5 per cent of paid-up capital; 4. Directors’ remuneration of BD 100 thousand subject to the approval of the Minister of Industry and Commerce Total shareholders’ equity at year-end 2012 stood at BD 57.29 million compared to BD 53.88 million for year-end 2011. Shareholders also approved BD 30 thousand from 2013 budget to be spent on supporting charitable, cultural and educational activities. During the EGM, Shareholders approved the increase of the paid up capital from BD 42,725,894 to BD 42,848,774 This increase of capital represents the issue of 1,228,801 new shares with nominal value of BD 0.100 allocated to the ESOP with the value of BD 122,880 subject to the approval of the Central Bank of Bahrain. Securities & Investment Company is a wholesale bank offering a selective range of investment banking services, including asset management, brokerage, corporate finance and market-making, on a regional basis and with a particular emphasis on Bahrain. SICO was incorporated in Bahrain in 1995 and holds a banking license from the Central Bank of Bahrain. As of December 31st, 2012, SICO reported total assets of BD78.365 million, with shareholders’ equity of BD 57.293 million. SICO’s shares have been listed on the Bahrain Bourse since May 2003. Securities & Investment Company was the first ‘closed’ company to list on the exchange