Venture Capital talks set
Venture Capital Bank (VCBank) is set to host key meetings in Bahrain.
The bank has extended an invitation to its board members and shareholders, to attend the bank's annual general meeting (AGM), as well as its Extraordinary General Meeting (EGM), both of which are being held on Sunday March 25th at the Movenpick Hotel, Bahrain.
VCBank achieved remarkable results and profits, due to outstanding performance in its inaugural financial year; posting a net profit of $13.3 million for the period ending December 31, and achieving an outstanding return on equity of 20.1 per cent; consequently recommending 12.5 per cent dividends- 7.5 per cent of which are cash dividends, and five per cent are bonus shares.
The AGM agenda will comprise the review and approval of the chairman's report on behalf of the board of directors, on the company's 2006 activities, in addition to reviewing the Shariah Supervisory Board's report, and the auditor's report.
The meeting will also serve to ratify audited financial statements and approve the board of directors' recommendations for the distribution of the net profits.
Whereas, the EGM agenda will include requesting shareholders to approve the increase in paid up capital of VCBank from $66 million to $150 million.
Since its establishment, VCBank has been successful in executing a number of innovative investment products and deals.
These include the $250 million MENA SME Private Equity Fund; the $80 million Asas Real Estate Company in Saudi Arabia; Challenger - an oil drilling contractor in North Africa; and Park Plaza in Bahrain- which represents an excellent investment in logistics, as it is one of the key projects which addresses parking problems in the Diplomatic area.