The Board of Directors of Micro Finance Apna Bank Limited (AMBL) has proposed to enhance the bank’s authorized capital from Rs. 5 billion to Rs. 7.5 billion.Â
The decision was made during the board’s 117th meeting held on August 7, 2024.
According to the bank’s notice to the Pakistan Stock Exchange (PSX) on Wednesday, the proposed increase in authorized capital will require amendments to the bank’s Memorandum and Articles of Association to ensure compliance with regulatory requirements. This proposal is subject to the approval of the shareholders and the Securities and Exchange Commission of Pakistan (SECP).
Additionally, the board has proposed an increase in the paid-up share capital of the bank through the issuance of 135,039,028 ordinary shares, each with a face value of PKR 10.Â
This new issuance of shares will be conducted by way of other than a right offer, also pending approval from the shareholders and the SECP.
