Ithmaar Bank’s ordinary general meeting agreed on converting the consolidated losses of the fiscal year 2015 into accumulated losses, according to a recent statement.
It is noteworthy that Ithmaar Bank, which is listed on both KSE and BHB, suffered $60.797 million (BHD 22.92 million) losses in FY15.
The shareholders agreed on transforming Ithmaar Bank into a public holding joint stock firm, according to the law of commercial companies.
Meanwhile, the bank’s extraordinary general meeting approved the establishment of two joint stock closed firms to operate as subsidiaries.
On the stock market’s level, the bank ended Monday’s session falling 4.35% to $0.11 in BHB.
