The board of directors (BoD) of BLOM Bank invites all shareholders for the annual general assembly to be held at the bank’s headquarters in Verdun, Beirut on April 11, 2018 at 12 pm. The meeting’s agenda will include the following:
- Examining the Board of directors and the Auditor’s General Reports about the accounts stated on 31.12.2017.
- Fix the remunerations of the President, Directors, Group Secretary, and General Managers, and that of the President of BLOM Bank Grp.
- Appoint auditors for a period of three years.
- Nominate an Honorary Director at the BoD.
- Other diverse subjects are also on the meeting’s schedule in addition to any matters that could arise.
In addition, the assembly will fix 2017’s dividends to be distributed, noting that the BoD proposed the payment of an amount of LBP 1,700 equivalent to $1.13/share ($1.02/share after 10% tax) for each ordinary share listed on the Beirut Stock Exchange (BSE). Payment date is scheduled for April 17, 2018, and total dividends amount to LBP 364,338,205.
In fact, the bank’s Dividend Yield, which represents the annualized return the stock pays out in the form of dividends, has recorded yearly improvements:
| ||Dividend per BLOM Bank Common Share after deduction of tax*|
It is worthy to note that prior to Nov. 2017, Dividend tax was fixed at 5% for all companies listed on the BSE. After that date, the dividend tax rate was hiked to 10%.
Evolution of BLOM Bank’s Dividend Yield
Source: BLOM Bank, Beirut Stock Exchange
*5% tax is deduced from Dividends from 2013-2016 and 10% tax for 2017.