Karachi: Apna Microfinance Bank Limited has announced an Extraordinary General Meeting (EGM) scheduled for September 4, 2024, at their registered office on Ch. Khaliq-uz-Zaman Road, Gizri, Karachi, to discuss significant changes to their financial structure.
The primary agenda of the meeting includes the approval of minutes from the Annual General Meeting held on June 21, 2024, and more crucially, discussions on proposals to substantially increase the bank's authorized share capital from Rs. 5 billion to Rs. 7.5 billion. This move comes as the bank aims to comply with the increased Minimum Capital Requirement (MCR) and Capital Adequacy Ratio (CAR) standards set by regulatory bodies.
According to information available from the Pakistan Stock Exchange (PSX), the proposal details an amendment to Clause 3(v) of the Memorandum of Association to reflect the new capital structure, increasing the number of shares from 500 million to 750 million ordinary shares valued at Rs. 10 each.
Additionally, the EGM will consider a special resolution to approve a further issuance of 135,039,028 ordinary shares valued at Rs. 1,350,390,280, to be offered by means other than a rights issue, subject to approvals from the Securities and Exchange Commission of Pakistan (SECP). This issue aims to bolster the bank’s capital base in response to regulatory requirements and enhance its financial stability.
Notably, this meeting will also provide a platform for shareholders to engage directly with the bank’s management via a virtual setup, reflecting the bank's commitment to maintaining accessibility and shareholder engagement during these discussions.
By order of the board, shareholders have been instructed to register their participation and submit any questions in advance of the EGM, ensuring a streamlined process and comprehensive dialogue on the proposed resolutions.