Karachi: Meezan Bank Limited has finalized the distribution of 3,487,520 ordinary shares to its employees under the Employee Share Option Scheme (ESOS), a significant component of its compensation strategy.

On July 15, 2024, shares were credited to the accounts of eligible bank employees who exercised their options following the completion of the First Vesting Period of 2022 and the Second Vesting Period of 2021. This distribution took place without a public offering, under the directives of Section 83A of the Companies Act, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the shares distributed included 1,637,936 from the 2021 tranche and 1,849,584 from the 2022 tranche, aligning with the structured incentive plans of the bank to foster employee ownership and motivation.

The scheme received approval from the Securities and Exchange Commission of Pakistan (SECP) on April 21, 2021, allowing the bank to enhance its paid-up capital to Rs. 17,947,407,140. This capital adjustment reflects the issuance of 1,794,740,714 ordinary shares, each priced at Rs. 10, thus expanding the bank's equity base and aligning employee interests with the bank's growth objectives.

Meezan Bank has notified the TRE Certificate Holders of the Exchange, ensuring compliance with disclosure requirements and maintaining transparency with its shareholders and regulatory bodies.