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The Board of directors of Bank of Palestine BOP approved the purchase of an additional share of 31% of the Arab Islamic Bank, where BOP's stake will reach 51.98% accordingly. The final approval will be taken from the bank's extraordinary General Assembly at its meeting on 25/03/2016, noting that it was approved by Palestine Monetary Authority. BOP's board of directors also approved to merge with Palestine Commercial Bank unanimously with Bank of Palestine by allocating every three shares in PCB equivalent to one share in BOP. Final approval will be taken from the bank's extraordinary General Assembly too.
On another hand, BOP's BOD approved the recommendation to the General assembly to distribute $ 28,000,000 dollars for the year 2015 to the shareholders equivalent to 16% of its paid up capital, as follows:
An amount of $10,000,000 as stock dividends; equivalent to 5.71% of the paid-up capital and an amount of $18,000,000 as cash dividends which are equivalent to 10.29% of the paid-up capital. These dividends are in title to the shareholders of the bank that are registered in PEX as of Thursday 24th of January 2016, on a pro rata basis.