Karachi: Notice has been issued for an Extra-Ordinary General Meeting (EOGM) of Apna Microfinance Bank Limited, scheduled for September 4, 2024, at its Registered Office in Karachi. The key agenda includes a significant increase in the bank's authorized share capital and the issuance of new shares, as detailed in recent communications from the bank to its stakeholders.

According to information available from the Pakistan Stock Exchange (PSX), the primary item on the agenda is the proposal to increase the bank's authorized capital from Rs. 5 billion to Rs. 7.5 billion. This move comes as the bank aims to enhance its financial flexibility and support its growth initiatives. The existing authorized capital is divided into 500 million ordinary shares of Rs. 10 each, which is proposed to be increased to 750 million shares to accommodate the capital expansion.

Further resolutions include the approval of the issuance of 135,039,028 new ordinary shares valued at Rs. 1,350,390,280, by means other than a rights offer. This decision is driven by the need to meet the Minimum Capital Requirement (MCR) and Capital Adequacy Ratio (CAR) as required by the Prudential Regulations for Microfinance Banks. The proposal has been put forth following a comprehensive review by the Board of Directors on August 7, 2024, acknowledging the necessity to bolster the bank's capital structure to support its ongoing and future operational requirements.

In addition to these key resolutions, the meeting will confirm the minutes from the Annual General Meeting held on June 21, 2024. The Board has also prepared to address any further business with the approval of the chair.

The bank has made provisions for shareholders unable to attend in person to participate in the EOGM through a video link, ensuring inclusivity and compliance with ongoing health and safety regulations. Shareholders interested in joining the meeting via video are required to register their particulars by September 2, 2024.

The share transfer books of the company will remain closed from August 29, 2024, to September 4, 2024, to facilitate the administration of this significant corporate event.