Bahrain Islamic Bank’s extraordinary general meeting (EGM held 27 October agreed on decreasing both issued and paid-up capital, aiming to write-off the accumulated losses of BHD 27.4 million by the end of 30 June, according to a bourse statement.

The EGM also approved the issuance of 200 million ordinary shares with a nominal value of BHD 0.100 per share.

Moreover, the EGM exempted any existing shareholder whose ownership may grow up to 30% or more from making mandatory offer as prescribed in procedures by Bahrain’s central bank.