Batelco Group AGM Approves BD41.6M Cash Dividend
Batelco Group (Ticker: BATELCO), the international Telecommunications Group with operations across 14 countries, today held its Annual General Meeting (AGM) for the twelve-months ended 31 December 2017 (“the year”) and additionally an Extra-Ordinary-General Meeting (EGM) in relation to Obtaining Shareholders approval on amending the memorandum and articles of association of the Company to comply with the recent requirements in the Commercial Companies law. The meetings, held at Hamala headquarters, were attended by Shareholders, Company Directors, Batelco management and members of the media.
The Group’s 38th AGM saw shareholders approve the recommendation of the Board of Directors for a full year cash dividend of BD41.6M (US$110.3M), at a value of 25 fils per share, of which 10 fils per share was already paid during the third quarter of 2017 with the remaining 15 fils to be paid in the coming weeks.
Shareholders also gave approval for Batelco to purchase treasury shares of up to 10% of the share capital to support its share price and liquidity.
At the EGM, which followed the AGM, shareholders passed the Board’s recommendation to authorise the Board of Directors to amend the memorandum and articles of association of the Company to comply with the requirements of Law No. (1) of 2018 concerning amending certain provisions of the Commercial Companies Law promulgated by Legislative Decree No. (21) of 2001, and have authorised the Group Board Secretary to sign on behalf of the company in front of a notary to document these amendments.
Speaking on the occasion, Batelco Chairman Shaikh Mohamed bin Khalifa Al Khalifa said: “We are pleased to continue to build and return value to our shareholders as demonstrated by the dividend payment which is consistent with previous years and is an example of Batelco’s commitment to its shareholders.”
“Regarding amending the memorandum and articles of association, Batelco always aims to be in compliance with the Laws and Regulations that govern the Company and is committed to reflecting any changes the law needs in our Articles of Association and implementing the same within Batelco,” he said.
Supporting Shaikh Mohamed at the meeting, Group CEO Ihab Hinnawi and Group CFO Faisal Qamhiyah provided highlights of Batelco’s financial and operational performance for 2017 and outlined key objectives of the Group’s strategy for the year ahead.