Bank Audi shares offer steady returns

Current Board re-elected for another three years

The General Assembly of Bank Audi s.a.l. – Audi Saradar Group has approved the bank’s accounts for the year 2012 and announced the distribution of dividends.

The bank will offer dividends per share equivalent to $0.77 for holders of Series D Preferred Shares, $6 for holders of Series E Preferred Shares, $4 for holders of Series F Preferred Shares, and $0.4 for holders of common shares. Dividends are subject to a deduction of five percent withholding tax. As per the price of listed shares at the closing on April 10, the earning to price ratio would be six percent.

Bank Audi posted net earnings of $384 million in 2012, a five percent increase from the previous year. The dividends were unchanged from those offered for 2011.

Bank Audi had earlier decided to redeem its 12.5 million Series D Preferred Shares and increase the nominal value of its other listing from $0.836 to $0.866. The last trading session for Series D Preferred Shares was on April 4.

The general assembly, convened on April 8, also moved to re-elect the current Board of Directors for another 3-year term. The Board of Directors is composed Raymond Audi (Chairman), Marwan Ghandour (Vice-Chairman), Samir Hanna (CEO, General Manager), Suad Al Homaizi, Mariam Al Sabbah, Marc Audi, Freddie Baz, Imad Itani, Mario Saradar, Abdullah Al Hobayb, and Khalil Bitar.

Mario Saradar is in a deal to buy a majority interest (60 percent) in the Swiss-owned Near East Commercial Bank (NECB).