Latest news with #board of directors
CNA
4 days ago
- Business
- CNA
Russia's Yandex rebounds from loss to post Q2 profit growth
MOSCOW :Russian internet giant Yandex bounced back from a first-quarter net loss to report a 34 per cent year-on-year rise in second-quarter adjusted net profit to 30.4 billion roubles ($374.61 million), the company said on Tuesday. Yandex said its board of directors would consider a management proposal to pay dividends for the first half of 2025 of 80 roubles per share. ($1 = 81.1500 roubles)
Argaam
4 days ago
- Business
- Argaam
Bank Albilad plans to buy back 10M shares for ESIP
Bank Albilad 's board of directors recommended, on June 23, the repurchase of up to 10 million of the bank's ordinary shares to be held as treasury shares and allocated to the employee stock incentive program (ESIP). In a statement to Tadawul today, July 28, Bank Albilad said the share repurchase will be funded through its own resources, noting that treasury shares currently account for 0.61% of the total shares subject to the buyback. The bank added that the repurchased shares will not carry voting rights at general shareholder meetings. The proposed buyback is subject to approval by the upcoming extraordinary general meeting (EGM), the date of which will be announced later, in compliance with the implementing regulations of the Companies Law for listed joint stock companies. The bank is required to meet all required solvency conditions. A report from the bank's external auditor will also be submitted in accordance with these regulations. According to data available with Argaam, the 10 million shares allocated for the ESIP represent approximately 0.67% of the bank's total outstanding shares, which stand at 1.5 billion.
Yahoo
17-07-2025
- Business
- Yahoo
Metropolitan Bank Holding Corp. Announces Initial Cash Dividend and New Share Repurchase Program
NEW YORK, July 17, 2025--(BUSINESS WIRE)--Metropolitan Bank Holding Corp. (the "Company") (NYSE: MCB), the holding company for Metropolitan Commercial Bank, is pleased to announce that its board of directors declared a quarterly dividend of $0.15 per share on the Company's common stock (the "Dividend"), the Company's first cash dividend since its initial public offering in 2017. The Company expects to continue to distribute regular cash dividends subject to the discretion of the board of directors and in accordance with applicable securities, corporate and banking laws, rules, regulations, and guidance. The Dividend is payable on August 11, 2025 to holders of record of the Company's common stock at the close of business on July 28, 2025. The Company is also pleased to announce that its board of directors approved a new share repurchase plan with authorization to purchase up to $50 million of the Company's common stock. The Company used all of the available capacity under its repurchase program that was previously announced in March 2025. The Company may repurchase shares of common stock from time to time on the open market or by other means in accordance with applicable securities laws and other restrictions, including, in part, under a Rule 10b5-1 plan. The number of shares to be repurchased and the timing of repurchases, if any, will depend on several factors, including market conditions, prevailing share price, corporate and regulatory requirements, and other considerations. The share repurchase plan has no expiration date, may be discontinued or suspended at any time and does not obligate the Company to acquire any amount of its common stock. The results of the program will be reflected in the Company's periodic filings with the Securities and Exchange Commission. Mark DeFazio, President and Chief Executive Officer, commented, "We are thrilled to announce this quarterly cash dividend, the first in our history as a publicly traded company. Taken together with the new common stock repurchase authorization, today marks a significant milestone for MCB that not only reflects the strength of our balance sheet and our commitment to delivering total return to our investors, but also our confidence in our long-term growth trajectory." About Metropolitan Bank Holding Corp. Metropolitan Bank Holding Corp. (NYSE: MCB) is the parent company of Metropolitan Commercial Bank (the "Bank"), a New York City based full-service commercial bank. The Bank provides a broad range of business, commercial and personal banking products and services to individuals, small businesses, private and public middle-market and corporate enterprises and institutions, municipalities, and local government entities. Metropolitan Commercial Bank was named one of Newsweek's Best Regional Banks in 2024 and 2025. The Bank was ranked by Independent Community Bankers of America among the top ten successful loan producers for 2024 by loan category and asset size for commercial banks with more than $1 billion in assets. Kroll affirmed a BBB+ (investment grade) deposit rating on January 29, 2025. For the fourth time, MCB has earned a place in the Piper Sandler Bank Sm-All Stars Class of 2024. The Bank is a New York State chartered commercial bank, a member of the Federal Reserve System and the Federal Deposit Insurance Corporation, and an equal housing lender. For more information, please visit the Bank's website at Forward-Looking Statement Disclaimer This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include but are not limited to the Company's future financial condition and capital ratios, results of operations and the Company's outlook, business, share repurchases under the program, and dividend payments. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as "may," "believe," "expect," "anticipate," "plan," "continue" or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that are difficult to predict and are generally beyond our control and may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to the following: the interest rate policies of the Federal Reserve and other regulatory bodies; an unexpected deterioration in the performance of our loan or securities portfolios; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; unexpected increases in our expenses; different than anticipated growth and our ability to manage our growth; global pandemics, or localized epidemics, could adversely affect the Company's financial condition and results of operations; potential recessionary conditions, including the related effects on our borrowers and on our financial condition and results of operations; an unanticipated loss of key personnel or existing clients, or an inability to attract key employees; increases in competitive pressures among financial institutions or from non-financial institutions which may result in unanticipated changes in our loan or deposit rates; unanticipated increases in FDIC insurance premiums or future assessments; legislative, tax or regulatory changes or actions, which may adversely affect the Company's business; impacts related to or resulting from regional and community bank failures and stresses to regional banks; changes in deposit flows, funding sources or loan demand, which may adversely affect the Company's business; changes in accounting principles, policies or guidelines may cause the Company's financial condition or results of operation to be reported or perceived differently; general economic conditions, including unemployment rates, either nationally or locally in some or all of the areas in which the Company does business, or conditions in the securities markets or the banking industry being less favorable than currently anticipated; inflation, which may lead to higher operating costs; declines in real estate values in the Company's market area, which may adversely affect our loan production; an unexpected adverse financial, regulatory, legal or bankruptcy event experienced by our non-bank financial service clients; system failures or cybersecurity breaches of our information technology infrastructure and/or confidential information or those of the Company's third-party service providers or those of our non-bank financial service clients for which we provide global payments infrastructure; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or clients; failure to maintain current technologies or technological changes that may be more difficult or expensive to implement than anticipated, and failure to successfully implement future information technology enhancements; the costs, including the possible incurrence of fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the successful implementation or consummation of new business initiatives, which may be more difficult or expensive than anticipated; the timely and efficient development of new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by clients; changes in consumer spending, borrowing or savings habits; the risks associated with adverse changes to credit quality; an unexpected failure to successfully manage our credit risk and the sufficiency of our allowance for credit losses; credit and other risks from borrower and depositor concentrations (e.g., by geographic area and by industry); difficulties associated with achieving or predicting expected future financial results; and the potential impact on the Company's operations and clients resulting from natural or man-made disasters, wars, acts of terrorism, cyberattacks and pandemics, as well as those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q which have been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Forward-looking statements speak only as of the date of this release. We do not undertake (and expressly disclaim) any obligation to update or revise any forward-looking statement, except as may be required by law. View source version on Contacts Daniel F. DoughertyEVP & Chief Financial OfficerMetropolitan Commercial Bank(212) 365-6721IR@
Argaam
13-07-2025
- Business
- Argaam
Nama Chemicals accumulated losses reach 47.62% of capital
Nama Chemicals Co. 's accumulated losses reached 47.62% of its SAR 235.2 million capital, based on the unaudited financial results for the period ending June 30, 2025, which were closed on July 9. In a statement to Tadawul, the company said accumulated losses amounted to SAR 111.99 million as of June 30, 2025. These losses were attributed to the delayed arrival of raw materials and limited working capital financing sources, which weighed on operational efficiency. This is in addition to the temporary production halt at the company's factories for scheduled periodic maintenance in April 2025. However, production gradually resumed these plants, Nama Chemicals said, adding that this is expected to positively impact its operational performance and financial results during the second half of this year. The company will continue to work to improve production efficiency and reduce costs through the approved corrective measures, which are poised to help uplift revenues and trim expenses to achieve its goals. Nama Chemicals also indicated that the executive management and board of directors are also working to find the best opportunities and solutions to reduce its accumulated losses and financial burdens. Procedures and instructions applicable on Tadawul-listed companies whose accumulated losses reached 20% or more of capital will apply. Nama Chemicals appointed a certified appraiser from the Saudi Authority for Accredited Valuers in the machinery and equipment branch to assess the assets of its subsidiary, Jubail Chemical Industries Co. (JANA). The appraisal concluded that the fair value of JANA's assets exceeds their book value. The company is currently reviewing the report's outputs, and based on this, it will announce any developments, it added. According to data available on Argaam, Nama Chemicals announced the scheduled shutdown of its epoxy plant and the JANA project plant as of April 14. Operations at the two plants resumed on May 8 after maintenance completion.
Yahoo
12-07-2025
- Automotive
- Yahoo
Tesla's rule-breaking board expressing ‘almost a contempt for lawful and accepted procedure', says governance expert
Under pressure from a group of shareholders, Tesla's board of directors said it will convene the annual general meeting on Nov. 6, nearly four months later than required under Texas state laws. The company had warned at the end of April it would fail to meet the usual deadline, but did not cite a reason for the delay. Charles Elson, founding director of the Weinberg Center for Corporate Governance, says this attitude represents a lack of accountability toward shareholders. An admission by Tesla's directors that investors will be forced to wait until November before voting on key issues has come under sharp criticism fire from a leading U.S. expert on corporate governance. This week, the company finally lifted the secret surrounding the date of its much-delayed annual shareholder meeting. According to state laws in Texas, Tesla was obligated to hold the meeting by July 13—one year and one month after its previous meeting. 'They can't even have an annual meeting annually? That's ridiculous—it's almost expressing a contempt for lawful and accepted procedure.' Charles Elson told Fortune. 'Shareholder voting is a core principle in our system of capital formation, and if you abrogate that, then you punch a hole in the system itself.' Elson serves as a subcommittee chair on the American Bar Association's Business Law Section and is the founding director of the Weinberg Center for Corporate Governance at the University of Delaware. In 2024, he resigned from a consulting role with the law firm Holland & Knight—which counted Tesla as a client—after a nearly 30-year relationship in order to avoid interest conflicts when filing a legal opinion on the issue of CEO Elon Musk's pay package, dubbed 'the largest in human history.' The announcement of the Nov. 6 annual general meeting came just hours after a group of institutional investors representing $1.5 trillion in assets under management expressed their 'deep concern' over the delay and called on the board to 'immediately' disclose the date. 'Tesla's ongoing silence on the AGM is cause for concern,' they wrote to Tesla's directors in an open letter published Wednesday. The company had first admitted at the end of April that it had failed to file its definitive proxy statement within the normal time frame, citing no reason. Elson said there were only very few legally defensible justifications for pushing back an annual meeting, such as the lack of audited financial statements. Delaying its meeting in order to hold a vote over a new pay package for Musk or a potential investment in his latest startup xAI—the two most commonly cited theories in the Tesla community—did not meet that threshold in his view. 'The law has to be equally and neutrally applied. There aren't special exceptions for special people,' Elson said, referring to Musk. Tesla did not respond to a request from Fortune for comment. Unless shareholders mount a legal challenge to the later date, however, there are no repercussions for the company. Nevertheless, Elson fears this attitude waters down the spirit of capitalism. If a company's owners don't feel like they have a say, it lessens the likelihood of investing in equities. 'It's the one time of the year where every shareholder has the chance to voice their concerns to management in an open forum. It's a natural part of the corporate calendar that ensures accountability—you can't deny shareholders their fundamental suffrage right,' he said. If more companies follow Tesla's example, disenfranchised investors could increasingly seek the contractual protection of a debt-based financing system. This constrains economic growth, however, since it diminishes the appetite for risk that distinguishes the United States from a sluggish Europe. Elson argued that a recent proposal by Wedbush analyst Dan Ives to erect a special board oversight committee tasked with exercising influence over the CEO showed just how toothless the current slate of directors led by chair Robyn Denholm really is. 'Shut up,' Musk responded to Ives, immediately shooting down the proposal. 'I don't think this board is capable of acting outside of Musk's interests. So the question then is what exactly does it do?' Elson asked. 'Why are these individuals being paid hundreds of millions of dollars?' This story was originally featured on Sign in to access your portfolio
