Brunei, the chair of the Association of Southeast Asian Nations ASEAN leaders’ meeting to discuss developments in Myanmar
April 5, 2021, 8:27 am

Brunei, the chair of the Association of Southeast Asian Nations ASEAN leaders’ meeting to discuss developments in Myanmar

Brunei's Sultan Hassanal Bolkiah attends the opening session of the 31st ASEAN Summit in Manila, Philippines, November 13, 2017. (File photo: Reuters)

Brunei, the chair of the Association of Southeast Asian Nations (ASEAN) countries, on Monday threw its support behind a regional leaders’ meeting to discuss developments in Myanmar and said it has asked officials to prepare for a meeting in Jakarta.

Myanmar has been in crisis since a Feb. 1 military coup that ousted the elected government of Aung San Suu Kyi.

Activists say at least 557 people have since been killed in a crackdown by security forces on protests and strikes across the country, where the junta has restricted internet access.

Indonesia has led efforts by members of ASEAN, of which Myanmar is a member, to encourage a negotiated solution, despite a longstanding policy of not commenting on each other’s domestic problems.

In a joint statement with Malaysia, Brunei said both countries have asked their ministers and senior officials to undertake “necessary preparations for the meeting that will be held at the ASEAN Secretariat in Jakarta, Indonesia.”

The statement followed a meeting between Malaysian Prime Minister Muhyiddin Yassin and Brunei Sultan Hassanal Bolkiah on Monday.

“Both leaders agreed for ASEAN leaders to meet to discuss the ongoing developments in Myanmar,” they said.

They did not say when the meeting would be held.

Both leaders expressed concern over the rising number of fatalities in Myanmar.

“They urged all parties to refrain from instigating further violence, and for all sides to immediately exercise utmost restraint and flexibility,” according to the statement.

ASEAN operates by consensus but the divergent views of its 10 members on how to respond to the army’s use of lethal force against civilians and the group’s policy of non-interference has limited its ability to act.

Malaysia, Indonesia, the Philippines and Singapore have all expressed alarm over the killings of demonstrators and support an urgent high-level meeting on Myanmar.

Their foreign ministers each separately held talks last week with their counterpart in China, Myanmar’s influential northern neighbor.

source: Reuters

Image source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.