The Annual General Meeting and the Extraordinary General Meeting of the Middle East Bank, with the participation of 80% of shareholders, the legal inspector and representative of Securities and Exchange Organization, was held On Thursday, July 18, 2019 , at 9-12 in the Eram Hotel conference hall. Following a series of voting, the shareholders voted for a 3000 billion Rials of capital increase, equal to 42.8% of the Bank’s capital. They also decided on 200 Rials of the profits of the year 1397, to be distributed as cash dividend.
In 1397, the Middle East bank accomplished a 160% profit growth year-on-year, comparing 1396.
The meeting started by the shareholders’ election of Mr. Nayebi, as the chair, Misters Seyed Ahmad Ahmadi Hashemi and Manoochehr Malekianifard as the supervisors and Mr. Khalili Sadatloo, as the secretary of the meeting, which with the participation of the majority of shareholders, officially came to order. The representative of Securities and Exchange Organization, representative of legal inspector and independent auditor joined the presiding body and the financial deputy of the bank (CFO) was invited to report the financial performance of the year to the shareholders.
Majid Noormohammadi, the bank’s financial deputy, after the usual compliments, conveyed the written message of the Managing Director to the shareholders, which said: “the fall in the Government’s revenues, accompanied by a 27% inflation rate, led to a challenging year for the country’s economic and financial system. The economic growth of 7.3% in 1396 plunged to minus 9.4% in 1397 and gross fixed capital formation experienced a 6.5% decrease. Despite the afore-said difficulties, we could, fortunately, produce positive results for our shareholders and meet the goals set in the proposed budget. In that year the net profit of the bank exceeded 6.397 billion Rials, reflecting a 160% increase over the previous year.
The meeting continued by the legal inspector’s detailed report on the financial statements and the shareholders voted for a 200 Rials cash dividend to be distributed amongst the shareholders.
For 1398 financial year, the Tadvin and Hamkaran Corporation was selected as the legal inspector and the auditor of the Middle East Bank while Bayat Rayan Corporation was appointed as the alternate inspector.
The shareholders decided on the Board of Directors’ compensation and rewards and regarded the newspapers of Donya-ye- Eghtesad and Ettelaat as the official newspapers for publishing the notices of the Middle East Bank. They also voted for a donation of 20 billion Rials for rebuilding the schools in flood-stricken areas.
It is worth mentioning that immediately after the Annual General Meeting, the Extraordinary General Meeting of the Bank was held and majority shareholders affirmatively voted for a capital increase of 3000 billion Rials.