Following an average 27% tariff hike and the finalisation of the corporatisation agreement between Syarikat Air Darul Aman (SADA) and the Kedah State Government in December 2010, BISB has since confirmed to RAM Ratings that SADA paid the first installment (MYR13.
Meanwhile, the AA3 rating is supported by the BISB Group's stable concession-driven businesses and extensive track record of almost 2 decades in the domestic market; these operations account for more than 90% of the Group's revenue.
During 2007, BISB floated a wholly owned subsidiary, Abaad Real Estate Company with a paid up with a paid up capital of BD10mn which has now been increased to BD25mn.
Going forward, we believe that BISB will continue to increase its market presence in the Middle East markets especially where it has a strong foothold.
The BIBF conducts these programmes regularly, consistent with the requirements of the Corporate Governance Code of Bahrain, which has laid special impetus on the role of the management team of BISB in promoting good governance across the organisation.
The Centre for Banking at BIBF is currently working closely with the management team of BISB to organise further engagements to improve the capacity of their senior management"
The BCA for BISB
has been upgraded to b2 from b3 in line with the improved financial position of the bank.
Acting Chief Executive Officer of BISB
Mohammed Ebrahim Mohammed, commented: "We are pleased to sign this agreement with Tamkeen.