First International Merchant Bank p.l.c., the Malta-based international banking institution, held its Annual General Meeting today at the Hilton Malta, Portomaso, St. Julians. The meeting was convened to consider the approval of the Audited Financial Statements for the year ended 31 December 2004, the Directors’ recommendation that no dividend be paid in respect of the year under review, the reappointment of KPMG as auditors, the maximum aggregate emoluments of the Directors and the election of Directors.
The Meeting also considered an agenda for special business, namely extraordinary resolutions to change the Bank’s name to FIMBank p.l.c., to increase the authorised share capital of the Company from fifty million to one hundred million US Dollars, to 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 the ‘time of exciting change’ being experienced by the FIMBank Group, a statement which took particular meaning following the previous evening’s announcement that the World Bank Group, through its private sector arm the International Finance Corporation (IFC), intends to invest in FIMBank. In his speech, Mr 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.