11 May 2005

The Web

FIMBank pays no dividend increases share capital

The annual general meeting of First International Merchant Bank approved the directors’ recommendation not to pay any dividend for 2004 as well as a series of extraordinary resolutions including one to change the bank’s name to FIMBank plc.
Shareholders agreed to increase the authorised share capital of the Company from fifty million to one hundred million US Dollars, extend the authority given to the Board of Directors to issue Equity Securities up to the maximum value of the Authorised Share Capital and to restrict or withdraw the statutory pre-emption rights of the equity shareholders. Amendments to the current Executive Share Option Scheme Rules and new Executive Share Option Scheme and Rules for the years 2006 - 2009 were also considered and approved.
In an address to the shareholders, Chairman Najeeb H M Al Saleh spoke of a time characterised by “exciting change”, not least because of the previous evening’s announcement that the World Bank Group, through its private sector arm the International Finance Corporation (IFC), intended to invest in FIMBank.
In his speech, Al Saleh referred to the strong operating performance of the Group in 2004 and how the acquisition of London Forfaiting Company Limited and of a 38.5% stake in Global Trade Finance Limited, India, had given the Group the opportunity to revisit its business model and seek further diversification of its revenue streams. The Chairman also spoke of the Group’s plans to continue developing its business, markets and products in the months ahead, and about the encouraging prospects for 2005.

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