Middle East Bank’s Annual General Meeting and Extraordinary General Meeting was held on Thursday 15 July, 2021 (24th of Tir) at the venue of Eram Hotel, where the shareholders elected board members and ratified a capital increase of 10 thousand billion Rials out of accumulated income, and approved the distribution of 200 Rials as dividend per share from financial profit of 1399 (21 March 2020-20 March 2021). According to financial statements of 1399, approved and ratified in the meeting, the Middle East Bank experienced a 92% growth over the previous year of 1398 and earned a net profit of 627/16 Billion Rials.
The MEB meetings were held at the Conference Hall of Eram Hotel with the attendance of 71% of shareholders’ representatives and online participation of other shareholders.
In the Annual General Meeting, the shareholders approved financial statements of 1399 and participated in the Board of Directors election to vote for Messrs.: Parviz Aghili Kermani, Javad Javadi, Gholam Ali Kamyab, Amir Hossein Amin Azad, Masoud Soltan Zali Begloo, Majid Safarian and Abdolkarim Ghavamifar, as the main members and Messrs.: Alireza Edalat and Majid Noor Mohammadi taghiabadi as the alternate members of Board of Directors.
At the outset, Mr. Hossein Salimi, chairman of the board of directors and chairman of the meeting, gave greetings to the attending and online participants and then the participants voted for Messrs. : Malekian fard and Khansari as the supervisors and Khalili as the Secretary of the Meeting. Presence of the Securities and Exchange Organization, legal inspector and independent auditor completed the presiding board.
Afterwards, the chairman of the meeting asked the Bank’s CFO to report to the shareholders, the activities of the Bank’s board of directors.
Majid Noor Mohammadi , Bank’s financial deputy, came on the stage, called out a greeting to the audience and read the message of the Bank’s managing director and then gave a summary of financial operations of the Bank to shareholders. The managing director’s statement indicated that “in the turbulent conditions of the market, as explained earlier, the Middle East Bank, due to its compliance with the professional banking standards and the esteemed Board of Directors’ commitment to accurate and healthy banking operations, is one of the few banks which follow and pass the Basel standards concerning capital adequacy requirements. As of today with regard to registered capital, Middle East Bank enjoys the highest rating, regarding capital adequacy, among the banks of the country.
The meeting continued by the legal inspector to present his report to the audience and then the Bank’s CFO raised his points on the auditor’s report and answered the shareholders’ questions.
Before voting on the other items in the agenda, Parviz Aghili Kermani, MEB Managing Director, explained the future plans of the bank and responded to queries of shareholders.
The shareholders set the reward and the attendance fee of the non-executive board members and defined the two newspapers of Donyaye Eghtesad and Ettelaat as the official newspapers for publishing the MEB notices.
With the purpose of assisting renovation of schools in less-developed regions and to fulfil other social responsibilities, the shareholders voted for 50 billion Rials to be spent for humanitarian activities.
It is worth mentioning that the Extraordinary General Meeting was held just after the Annual General Meeting and having heard the Board’s feasibility report on capital increase and the auditor’s report on the same issue, the shareholders voted by consensus, to increase the capital to 25 thousand billion Rials.
Source: Middle East Bank’s Public Relations - Date: (17 July 2021)