Karachi: Invest Capital Investment Bank Limited (ICIBL) has officially announced the outcomes of its Extraordinary General Meeting (EOGM), which convened on September 26, 2024, reflecting significant changes in its capital structure. The bank revealed a major reduction in its issued and subscribed share capital from Rs. 2,848.67 million to Rs. 430.53 million, accompanied by a substantial cancellation of shares.

The EOGM confirmed the minutes from the previous Annual General Meeting held on October 26, 2023, solidifying past decisions and continuing the path set forth by the board. According to information available from the Pakistan Stock Exchange (PSX), the resolutions adopted are pivotal for the company’s compliance with the regulatory frameworks and its strategic financial restructuring.

In a detailed resolution, ICIBL stated that it would reduce its share capital by Rs. 2,418.14 million. This reduction involves the cancellation of 241,813,912 ordinary shares, each valued at Rs. 10. This decision comes after securing necessary approvals and consents from the relevant authorities, including the sanction of the High Court of Sindh at Karachi.

Furthermore, the resolution empowers Mr. Muhammad Asif, CEO, and Mr. Muhammad Naim Ashraf, Company Secretary, to perform all necessary actions to implement this plan. This includes making any adjustments or handling any issues that may arise during the process, ensuring that the capital reduction is executed smoothly and in compliance with all legal and regulatory requirements.

The strategic reduction in capital is expected to streamline ICIBL’s operations and align its capital with current operational needs, reflecting a shift in strategy aimed at optimizing future growth and stability.