FIMBank nets $30 million from GTF sale

The sale of FIMBank's 38.5 per cent shareholding in Global Trade Finance Ltd, the Indian factoring company, resulted in an after-tax gain of $30 million, after deducting the cost of the original investment in 2004 and profits accumulated to FIMBank over the past three years, according to the bank's chairman Najeeb Al Saleh.

He also mentioned that the successful rights' issue raised over $25 million of new equity.

He was speaking during the recent annual general meeting during which the shareholders considered and approved all the standard ordinary resolutions, including the payment of a scrip dividend at an attribution price of $1.623. They also approved some special business and extraordinary resolutions, including a one-for-five bonus share issue and an increase in the authorised capital of the group.

All of the incumbent directors were confirmed in office with the exception of Rene Graafland who retired and was replaced by John Freeman.