Lahore: The 117th meeting of the Board of Directors of Apna Microfinance Bank Limited is scheduled to take place on August 7, 2024, via both audio/video link and in person at the Apria Bank Head Office in Lahore. The meeting is set to address a series of significant agenda items.

The directors will first review and approve the minutes from the 116th meeting, which was held on May 29, 2024. Following this, the board will discuss and potentially approve the financial statement for the quarter that ended on March 31, 2024, along with a directors' report that has been recommended by the Board's Audit Committee.

A crucial point on the agenda is the consideration of an increase in the Authorized Capital of the bank, which will be proposed as a special resolution at an Extra-Ordinary General Meeting (EGM). The board will also review and decide on a further issue of shares, amounting to Rs. 1,350.39 million, in a move that is not based on rights. This action will require approval from both shareholders and the Securities and Exchange Commission of Pakistan (SECP), in accordance with Section 83 of the Companies Act 2017 and Regulation 5 of the Companies (Further Issue of Shares) Regulations 2020.

Additionally, the board is tasked with setting the date, time, and venue for the forthcoming EGM. They will also deliberate on the current volume of administrative and operational expenses of the bank, aiming for rationalization in line with recent discussions between the Chairman of AMBL and the Executive Director of the Banking Supervision Group of the State Bank of Pakistan.

According to information available from the Pakistan Stock Exchange (PSX), other business may also be transacted at this meeting with the chair's permission, including the ratification of resolutions that have been passed through circulation.