DOHA: Barwa Bank, in its annual general meeting , approved a cash dividend of 10 percent to shareholders for the fiscal year ending on 31 December 2014.
During the AGM, shareholders signed off the development and registration of an EMTN (Euro Medium Term Note) program to facilitate the issuance of non-convertible Senior Unsecured Sukuk, with a cap standing at $2 bn 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, said the bank in a press release issued yesterday. The Board of Directors will be authorised 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, Sheikh 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.
