FIMBank Holds Annual General Meeting on 6th April 2006

10.04.2006

FIMBank PLC the Malta based Trade Finance bank hosted its Annual General Meeting at the Corinthia San Gorg Hotel, St. Julians on 6th April 2006. 

The meeting was attended by many shareholders, stockbrokers, advisors as well as representatives of competent authorities. The shareholders considered and approved the annual reports and financial statements of the year ended 31 December 2005 and unanimously re-elected the Board of Directors.

Encouraged by this year’s performance, the Board of Directors recommended to the General Meeting the payment of a scrip dividend of 1.14 cents per ordinary share, giving shareholders the choice to receive either cash or new shares, and giving the Group an opportunity to preserve equity in a period of growth. The majority of shareholders, well over 80% in terms of holdings, have opted to receive their dividend in shares, hence reflecting the vote of confidence in FIMBank. They also positively voted to the Board of Directors’ recommendation to pay dividends and to issue a one for five bonus share to those members on the Register of the Central Securities Depository of the Malta Stock Exchange as at the close of trading on 28 February 2006.

Mr. Najeeb Al Saleh, Chairman of the Board of Directors of FIMBank PLC, addressed the shareholders thanking them for attending, stating that he looks forward to this annual event to meet with the growing family of FIMBank shareholders, which has now well exceeded the 500 mark and share FIMBank’s progress and outlook for the future.  The Chairman was pleased to report on FIMBank Group’s significant achievements and reminded the attendees that FIMBank’s share price improved considerably, trading today between USD 2.1 and USD 2.15 whilst this time a year ago, it was trading between USD1.10 and USD1.20 reflecting the important developments and progress that the Group was registering.

2005 has been an important year that saw the Group growing on the strength of its core business areas and the strategic decisions aimed at increasing the geographic and product mix. FIMBank embarked on exciting new challenges, such as its debut in the international capital markets, with the successful completion of a twice-oversubscribed international syndicated loan in June 2005 reaching USD 30 Mio and used to enhance its global trade finance business. FIMBank also made further inroads in its co-operation with major international banks increasing its global correspondent banking network. In addition, the Group continued to increase its global network of offices and projects. A new office was opened in Singapore while plans to open representative offices in the UAE and Libya were stepped up. 2005 was also the year when London Forfaiting Company (LFC), the 100% owned UK based subsidiary of FIMBank specialised in the trading of commercial instruments, continued to expand its diversified portfolio and consolidate its position as an important component of the FIMBank Group.

In addition, Global Trade Finance Private Limited (GTF), FIMBank’s Factoring joint venture in the Indian sub-continent specialised in trade finance in general and in the discounting of trade receivables in particular, contributed significantly to the Group’s consolidated results. The Group’s plans to venture in new markets and activities continued, and these were helped by the partnership reached with International Finance Corporation (IFC), member of the World Bank Group that recently became the third largest shareholder of FIMBank since October 2005.

The MENA Factors another of FIMBank’s factoring ventures is starting to take shape in the Dubai International Financial Centre while in Egypt, together with Commercial International Bank and IFC, FIMBank is launching Egypt Factors, the second strategic factoring investment. Launching other factoring projects continue to be actively pursued in South America and the Mediterranean region. These ventures increase the Group’s global presence, widen the activity range and provide opportunities to further diversify product and risk base.

The Chairman concluded the AGM by thanking FIMBank’s customers for their trust, the distinguished guests and the members of the Board for their guidance and advice, as well as the Management and Staff for their dedication and commitment to drive the Group forward. 

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