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24
Gulf Daily News Thursday, 26th March 2015
Cineco shareholders approve
50 per cent cash dividend
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4
10/29/14
3:01 PM
n Cineco board members addressing shareholders
By AVINASH SAXENA
MANAMA: The shareholders of Bahrain
Cinema Company (Cineco) have approved
cash dividend equal to 50 per cent of the
paid up capital, which is 50 fils per share.
They have also approved the allocation
of BD19,787,352 to retained profits and
the transfer of BD550,823 from the company’s net profit to the statutory reserve.
This follows a joint annual and extraordinary general meeting held at Cineco
Megaplex in City Centre Bahrain yesterday.
The meeting saw shareholders agreeing
to make amendments to the Article of
Association of the company for the purpose
of adding activities – to buy and sell investment property for business and charitable
activities and to undertake outdoor catering
services to its Commercial Registration
Licence and to make an amendment to the
Articles of Association of the subsidiary
company.
The meeting also approved the amendments of the Company’s Article of
Association as per the Law No 50 for
the year 2014 amending the Commercial
Companies Law No 21 for the year 2001.
Bahrain Cinema Company chairman
Esam Abdulla Fakhro said the
company ended last year with
sound results, which it hopes to
build on this year.
“We have reported a rise of
20pc in net profit as compared
to the previous year. There are
ambitious growth plans for the
years ahead; we are planning
to introduce new cinemas in
Qatar and also a new restaurant in Qatar at the Gulf Mall
Qatar which will be open to
the public towards the beginning of the third quarter,” he
said.
Cineco chief executive
Ahmed Rashid said the company’s growth over the past 13
years led to exceptional performance in market capitalisation
with share values increasing by
1,300pc, which translates to an
increase of 100pc every year
for the last 13 years.
The company’s operations
include the management of a
large number of cinemas and
restaurants within Bahrain and
the GCC.
It now owns and operates
a total of 44 cinema screens
in Bahrain, and 27 screens in
Qatar.
avinash@gdn.com.bh
Kraft-Heinz to merge
in Buffett-backed deal
NEW YORK: Heinz and
Kraft yesterday said they
would merge to create North
America’s third-largest food
and beverage company, in a
deal backed by Brazil’s 3G
Capital and investment guru
Warren Buffett.
The combination of HJ
Heinz Company and Kraft
Foods Group will bring
together a wide portfolio
of well-known brands and
benefit from Heinz’s international platform, the companies said.
Buffet’s
Berkshire
Hathaway and 3G, Heinz’s
owners, will have a 51 per
cent stake in the combined
firm, to be called The Kraft
Heinz Company, with a 49pc
stake to be held by Kraft’s
existing shareholders. The
proposed company would
have revenues of about $28
billion a year.
Berkshire and 3G will
invest an additional $10bn
to pay for a special cash
dividend of $16.50 per share
for Kraft shareholders. The
deal has been unanimously n Commemorative ketchup bottles with portraits of Buffett
approved by the companies’ are seen at the exhibition of Berkshire Hathaway companies
boards of directors.
at the annual meeting in Omaha
“This is my kind of transaction, uniting two world-class organisations ucts and Weight Watchers packaged foods.
and delivering shareholder value,” Buffett Kraft’s portfolio includes Kraft Macaroni &
said in a statement.
Cheese, Maxwell House coffee and Oscar
The new company will have eight bil- Mayer hot dogs.
lion-dollar brands and five others worth more
Alex Behring, chairman of Heinz and the
than $500 million in sales. Heinz’s brands managing partner at 3G Capital, will become
include Heinz Ketchup, Ora-Ida potato prod- chairman of the merged company.
Qatar eases Gulf
investment limits
DUBAI:
Qatar’s
stock
exchange will treat investors
from GCC countries as local
citizens from today when calculating whether foreign ownership in listed companies has
reached permissible limits, the
bourse said yesterday.
The move will in effect
allow foreign investors, from
both the Gulf and outside the
region, to hold bigger stakes in
listed Qatari companies, most
of which have ceilings on total
foreign ownership of 25 or 49
per cent.