On 19 November, FIMBank plc announced that pursuant to the Share Pledge Agreement dated 24 December 2007 between Massaleh Investments K.S.C.C. (FIMBank’s largest shareholder) and Burgan Bank S.A.K. (a Kuwaiti Bank), the voting and other rights over 35,000,000 Ordinary Shares in FIMBank held by Massaleh shall be exercisable exclusively by Burgan.
Massaleh currently holds 59,685,970 shares in FIMBank plc and taking into account the effects of the above action, the voting and other rights shall be exercisable as follows:
- i) 25.74% (equivalent to 35,000,000 shares) by Burgan Bank S.A.K.
- ii) the balance of 18.16% (equivalent to 24,685,970) by Massaleh Investments K.S.C.C.
Burgan Bank S.A.K. is regulated by the Central Bank of Kuwait and listed on the Kuwait Stock Exchange.
FIMBank will make further announcements in due course as it is notified of any further actions.