22.03.2016, 07:55
Inovest Begins a New Strategic Phase Targeting a Return to Profitability
OREANDA-NEWS. Inovest BSC held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) at the headquarters of the Bahrain Investment Wharf (BIW) project, in the Hidd Industrial area yesterday March 21st 2016. The sessions were attended by a number of shareholders and proxy voters whose combined presence provided the required quorum for convening the meetings. The session was presided over by Mr. Khaled Saoud AlSanaousi, Chairman of the Board of Directors, and in the presence of the Chief Executive Officer, Mr. Murad Al Ramadan, the Chief Financial Officer Mr. Yasser Al Jar, representatives from the Central Bank of Bahrain, the Ministry of Industry and Commerce, and the Bahrain Stock Exchange. Additionally, a representative from the audit office of Ernst & Young, and the representative of the Sharia Supervisory Board Shaikh Daoud bin Isa, and member of the board of Directors Mr. Bader Khalifa Al-Adsani were present along with other executive management members, a number of investors, and media representatives.
The meeting commenced, with Mr. AlSanaousi thanking God first and foremost for his ultimate guidance and divinity, and further thanking the audience of shareholders present for their constant contribution in supporting the company’s journey to success especially in light of the exceptional conditions and duress faced in the recent past.
The agenda for the Ordinary Annual General meeting included a range of items, from the Director’s review and ratification of the Group’s performance as at year ended December 31st 2015, to the auditor’s report for the same period, and a discussion of the company’s financial results and approval of these and of the company’s closing account balances. Of specific note, is the agenda for the Extraordinary AGM, which addressed the decision to write off accumulated losses of US$ 51.873 million from the Group’s share premium account and legal reserves.
Within his commentary on the Group’s performance, Mr. Khaled Al Sanaousi noted that in the six months leading up to the 2015 year end, the Group had undertaken several stringent actions under its revival plan which included measures of organizational restructuring, more stringent management of operating expenses, debt and balance sheet restructuring, and the sale and exit of legacy investments. The successful implementation of this revival plan has culminated in an enhanced liquidity position at the Group level as at year end. Moving on, Mr. Al Sanaousi, explained that the executive management team has already begun implementation of a strategic three year plan (2016-2018), approved by the Board of Directors in its January 2016 session. At the core of this strategy and pivotal to its success is the aim to bring the Group back into profitability after years of losses. Within the framework of this strategic three year plan and its ensuing action plan, the Group has earmarked targets such as strengthening its financial and market position through the exit of other legacy investments, as well as improving its income from existing operations in real estate investment and contracting activities. This is a return to origins of sorts due to a better understanding and newfound appreciation for the Group’s original strengths and capabilities in the local real estate market; a command which afforded it numerous landmark successes since the Group’s inception in 2002. Adding to this, the Group will also look at diversification of its investment portfolio to include new sectors and markets beyond local boundaries.
To that end, Mr. Murad Al Ramadan, CEO, indicated, “The successful completion of our strategic revival plan forms the cornerstone for the Group’s next stage of development. Despite the economic and geopolitical challenges that mark the investment industry in general, we are determined to achieve the strategic goals within our three year plan and to bring the Group back to its original stance as a leader in the fields of real estate and investment.”
About Inovest
Established in 2002, Inovest is a shariah compliant category 1 investment company regulated by the Central Bank of Bahrain. Inovest's business spans three principle areas: direct investment, asset management, and real estate investment. Based in the Kingdom of Bahrain, Inovest is the parent company for Al Khaleej Development Company “Tameer” and Tamcon Contracting Co. Inovest has been listed on both the Bahrain Bourse and Kuwait Stock Exchange since 2005.
The meeting commenced, with Mr. AlSanaousi thanking God first and foremost for his ultimate guidance and divinity, and further thanking the audience of shareholders present for their constant contribution in supporting the company’s journey to success especially in light of the exceptional conditions and duress faced in the recent past.
The agenda for the Ordinary Annual General meeting included a range of items, from the Director’s review and ratification of the Group’s performance as at year ended December 31st 2015, to the auditor’s report for the same period, and a discussion of the company’s financial results and approval of these and of the company’s closing account balances. Of specific note, is the agenda for the Extraordinary AGM, which addressed the decision to write off accumulated losses of US$ 51.873 million from the Group’s share premium account and legal reserves.
Within his commentary on the Group’s performance, Mr. Khaled Al Sanaousi noted that in the six months leading up to the 2015 year end, the Group had undertaken several stringent actions under its revival plan which included measures of organizational restructuring, more stringent management of operating expenses, debt and balance sheet restructuring, and the sale and exit of legacy investments. The successful implementation of this revival plan has culminated in an enhanced liquidity position at the Group level as at year end. Moving on, Mr. Al Sanaousi, explained that the executive management team has already begun implementation of a strategic three year plan (2016-2018), approved by the Board of Directors in its January 2016 session. At the core of this strategy and pivotal to its success is the aim to bring the Group back into profitability after years of losses. Within the framework of this strategic three year plan and its ensuing action plan, the Group has earmarked targets such as strengthening its financial and market position through the exit of other legacy investments, as well as improving its income from existing operations in real estate investment and contracting activities. This is a return to origins of sorts due to a better understanding and newfound appreciation for the Group’s original strengths and capabilities in the local real estate market; a command which afforded it numerous landmark successes since the Group’s inception in 2002. Adding to this, the Group will also look at diversification of its investment portfolio to include new sectors and markets beyond local boundaries.
To that end, Mr. Murad Al Ramadan, CEO, indicated, “The successful completion of our strategic revival plan forms the cornerstone for the Group’s next stage of development. Despite the economic and geopolitical challenges that mark the investment industry in general, we are determined to achieve the strategic goals within our three year plan and to bring the Group back to its original stance as a leader in the fields of real estate and investment.”
About Inovest
Established in 2002, Inovest is a shariah compliant category 1 investment company regulated by the Central Bank of Bahrain. Inovest's business spans three principle areas: direct investment, asset management, and real estate investment. Based in the Kingdom of Bahrain, Inovest is the parent company for Al Khaleej Development Company “Tameer” and Tamcon Contracting Co. Inovest has been listed on both the Bahrain Bourse and Kuwait Stock Exchange since 2005.
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