Reef Real Estate Finance Company Declares Cash Dividends of 5% for the year 2015

Diplomatic Area – 24 April 2016

Annual General Meeting of Reef Real Estate Finance Company was held on Thursday April 21, 2016 and approved the Board’s recommendation to distribute a cash dividend to shareholders of 5% of the total issued and fully paid up share capital of the company subject to receiving the required legal approvals from the Central Bank of Bahrain and the Ministry of Industry & Commerce.

Chairman of the Board of directors present the agenda of the Annual General Meeting and the Extra Ordinary Annual General Meeting in the presence of the shareholders – or their representatives which represent 186,139,885 shares of total company shares of 240,429,000 (77.42%), the members of the Board of Directors, Executive Management, representatives of the Central Bank of Bahrain, the external auditor “BDO”, representative of the Legal Advisor, and the Sharia’a adviser of the company.

The AGM ratified all items on the agenda sent to shareholders in advance by mail, and the discussions between the Chairman and shareholders were positive and constructive, expressing seriousness of all parties to elevate the level of services provided and future plans of the company.

During the meeting the shareholders approved the financials of the company for the year ended December 31 2015 presented by the Chairman of the Board of Directors. Further, the Corporate Governance Report for 2015 was read, “BDO” presented their annual report which was presented by their representative, and the Sharia’a adviser annual report was pronounced.

The approval was granted to the reappoint the External Auditors of the company “BDO” for the year 2016 after notifying the Central Bank of Bahrain, and reappoint Sheikh Dr. Osama Bahar as the Company Sharia’a Advisor for the year 2016. Recommendations of the Board of Directors to transfer 10% of the net profits to the legal reserve, assigning BHD 5,000 for charity, and approving distributing cash dividend of a total amount of 1,142,038 BD to shareholders were also approved by the shareholders.

During the Extra Ordinary Annual General the shareholders approved the transfer of shares, and since there were no other items to be discussed the session was concluded at 12:00 PM.