Feb 26: SAIB's OGM to discuss profits distributions suggestion
Updated 2/1/2017 4:30:01 PM
Arab Finance: Societe Arabe Internationale De Banque (SAIB) announced in a statement sent to EGX, it called the ordinary general assembly to be convened on February 26.
The OGm will discuss the financial results, as well as the profit distributions suggestion for the ending fiscal year 2016
Moreover, the bank will review signing netting contract through a supportive loan between the bank and Arab International Bank amounting to $50 million.
It is worth mentioning, the Bank's Board of Directors proposed to distribute LE79.224 million, Distributable profits of LE51.551 million in addition to delayed profits of LE27.672 million, as the following:
LE4.851 million as a legal reserve, LE2 million as a public reserve.
The Bank will allocate LE10.188 million for the employees and LE2 million as a remuneration for the BoD.
The Bank declared that it will deduct LE60.185 million as delayed profits.
Related News: SAIB profits increase to LE48m in 2016
