Press releases, Reports & Disclosures for Ithmaar Holding B.S.C

Ithmaar Holding B.S.C. is inviting its shareholders to attend the Annual Ordinary General Meeting on March 26, 2025, at The Westin City Centre Bahrain Hotel. If a quorum is not met, subsequent meetings are scheduled for April 6 and April 13, 2025, at the same location and time. The agenda includes approving the minutes from the previous meeting, discussing and approving the Directors’ and Sharia Supervisory Board’s reports, reviewing the External Auditors’ report, and approving the Consolidated Financial Statements for 2024. The Board recommends transferring USD 1,046,000 to statutory reserves and USD 9,413,000 to accumulated losses, subject to regulatory approvals. The meeting will also cover transactions with related parties, discuss corporate governance compliance, and discharge the Board of Directors from liability for 2024.

Ithmaar Holding B.S.C. has announced the candidates for its Board of Directors for the 2025-2028 term. The candidates are HRH Prince Amr Mohammed Al Faisal Al Saud, Tunku Yaacob Khyra, Dr. Amani Khaled Bouresli, Ms. Elham Ebrahim Hasan, Dr. Jehad El-Nakla, Mr. Husain Abdulhameed Alshehab, and Mr. Ali Ghaleb Beshara. The election will take place during the Ordinary General Meeting on 26 March 2025 at The Westin City Centre Bahrain Hotel. Additionally, two other board members will be appointed by major shareholders as per the Commercial Companies Law.

The preliminary results for the year ended 31 December 2024 for Ithmaar Holding B.S.C. have been released. The company was established on 13 August 1984 and has a paid-up and subscribed capital of 3,030,755,027 shares at $0.25 per share, totaling $757,688,757 (AED 2,782,687,729). The authorized capital is 8,000,000,000 shares at $0.25 per share, amounting to $2,000,000,000 (AED 7,345,200,000). The Chairman of the Board is HRH Prince Amr Mohammed Al Faisal, and the Group Chief Executive Officer is Maysan Almaskati. The external auditor is KPMG Fakhro. The company's mailing address is Seef Tower, Building 2080, Road 2825, Al Seef District 428, P.O. Box 2820, Manama, Kingdom of Bahrain. They can be contacted via phone at +973 1758 4000, fax at +973 1758 4017, or email at info@ithmaarholding.com.

The document is prepared according to the SCA Board of Directors' Decision No. (32/R.M.) of 2019, which mandates disclosure for companies with accumulated losses amounting to 20% or more of their paid-up capital. Companies must comply with the decision's provisions if their accumulated losses reach 50% or more. As of February 13, 2025, Ithmaar Holding B.S.C. reported accumulated losses of USD 828.65 million, representing 109% of its paid-up capital. The losses initially amounted to 68.8% of the paid-up capital in December 2016 due to impairment provisions from non-core investments during financial crises. In 2018, early adoption of FAS30 led to further impairment provisions, raising losses to 98%. The losses increased by $87.5 million in 2020 due to COVID-19, decreased by $35.0 million in 2021 due to shareholder net income, increased by $29.9 million in 2022, and by $9.3 million in 2023 due to shareholder net losses. In 2024, losses decreased by $9.4 million due to shareholder net profit. The document provides a detailed analysis of accumulated losses, especially when they exceed 50% of the company's capital.

Ithmaar Holding B.S.C. announced that its Board of Directors held a meeting on Thursday, 13 February 2025, at 1 PM. During the meeting, the Board approved the financial results for the period ending 31 December 2024.

Ithmaar Holding B.S.C. announced that the nomination period for its Board of Directors membership for the term 2025 to 2028 will close on Saturday, February 8, 2025, at 4:00 p.m. The election will take place during the Annual General Assembly Meeting on March 24, 2025.

Ithmaar Holding B.S.C. has announced the opening of nominations for four positions on its Board of Directors for a three-year term from 2025 to 2028. The election will take place during the Annual Ordinary General Meeting in March 2025. Two additional board members will be appointed by the major shareholder, as per Bahrain's Commercial Companies Law. Nominees must meet several conditions, including legal capacity, no criminal convictions related to bankruptcy or trust breaches, and compliance with Bahraini law regarding board membership. Candidates for the Chairman or Deputy Chairman positions cannot also be the CEO. Nominees should have industry knowledge and experience, cannot hold directorships in other financial institutions in Bahrain, and may not have more than three directorships in other public companies in Bahrain without conflicts of interest. Applicants must submit a completed Central Bank of Bahrain's Form 3, certified copies of their passport and National ID, a CV, certified academic and professional qualifications, and a list of any competitive activities with the company.