TII agrees not to distribute profits
The International Investor Company (TII) held the deferred Tenth Annual General Meeting of its shareholders at the Company's premises, Wednesday July 2, 2003. The General Meeting approved the agenda and re-affirmed its confidence in the Board of Directors.
In a speech delivered during the General Meeting, TII Chairman & Managing Director, Mr. Adnan Al-Bahar, clarified that the interval between 2001 and 2002 annual reports does not exceed few months. The operating results included in 2002 Annual Report reflect the opportunities lost due to focusing the attention of the Company on the acquisition transaction of the 9 banks from Dallah Al Baraka Group (DBG) and then on the negotiations stage to unwind the transaction . The results also reflect the retention of a significant portion of the Company's resources with DBG due to the pending settlement of the transaction with them.
Al-Bahar went onto say: "We continued our policy of cutting down expenses and maximizing our revenues through our main investment banking activities. Due to these challenges, TII posted losses of KD 4,811,533. Therefore, the Board of Directors has decided not to recommend the distribution of profits to shareholders for the year 2002.”
“TII will continue its focus on its approach of building a new strategic line for itself. We are still searching in several directions to benefit from the alternative opportunities across the region. We are confident that, despite the challenges and difficulties, TII management team, with its experience, innovative spirit and enthusiasm, is capable of carrying the company to new promising scopes, God willing", Al-Bahar confirmed.