Bank AL Habib Limited (BAHL) has announced a boost in the authorised and paid-up capital of its wholly-owned subsidiary, AL Habib Exchange Company (Private) Limited.
According to a disclosure filed with the PSX on Thursday, the bank’s Board of Directors approved the capital increase in a meeting held on August 7, 2024.
“The Board of Directors of Bank AL Habib Limited, in its meeting held on August 07, 2024, approved an enhancement in the authorized and paid-up capital of its wholly owned (100%) subsidiary, “AL Habib Exchange Company (Private) Limited,” from the existing Rs 1,000 million (Rs 1 billion) to Rs 3,000 million (Rs 3 billion), in order to ensure smooth existing operations and to consider future expansion plan,” read the notice.
The disclosure was signed by Mohammad Taqi Lakhani, Company Secretary, and filed in compliance with Sections 96 and 131 of the Securities Act, 2015.
Bank AL Habib started operations of its fully-owned Al Habib Exchange Company (Private) Limited in March 2024 after getting approval from the State Bank of Pakistan and other regulators.
Earlier, on September 22, 2023, the bank’s board sanctioned the creation of an Exchange Company with a declared share capital of Rs 1 billion.
