The Board of Directors of FIMBank p.l.c. met in Kuwait on 19th February 2006 to approve the Audited Financial Statements for the financial year ended 31st December 2005. The Board further resolved to submit the Audited Financial Statements for approval of the shareholders at the forthcoming Annual General Meeting of shareholders to be held on 6th April 2006.
The Financial Statements refer to the consolidated accounts of FIMBank Group, comprising FIMBank p.l.c. Malta, London Forfaiting Company Limited, UK and its subsidiary companies, FIMFactors B.V., FIM Business Solutions Limited, and the associated undertaking Global Trade Finance Private Limited, India.
The FIMBank Group posted an after-tax profit of US$2.70 million in 2005 (2004 –US$1.54 million), as Group Net Operating Income increased by 25% to US$15.63 million. Group Assets increased by 37% to US$295 million (2004 – US$216 million) while Group Equity strengthened by 13% to US$54.8 million. 2005 was a year of consolidation and further strong growth for the Group, with projects aimed at further diversifying the Group’s global footprint in terms of geographical presence and product offering, as well as the consolidation of the existing business areas.
The Directors will be recommending to the Annual General Meeting of FIMBank p.l.c. the payment of a scrip dividend of US$ 809,725 (i.e. US cents 1.14 per ordinary share). The Board resolved that the attribution price for calculating the scrip dividend be established at US$1.50. Additionally, the Directors will be recommending to the Annual General Meeting a bonus issue of 1 for 5 by the capitalisation of the Share Premium Reserve. All shareholders on the register as at close of trading on 28 February 2006 shall be entitled to receive the dividend and to be allotted bonus shares.