Apna Microfinance Bank to Enhance its Authorized Capital to Rs. 7.5 Billion

The Board of Directors of Apna Microfinance Bank Limited (AMBL) has proposed to enhance the authorized capital of the bank from Rs. 5 billion to Rs. 7.5 billion. The authorized share capital of the Company is Rs. 7.5 billion divided into 750 million ordinary shares of Rs. 10/- each. The company has the power to increase, reduce or reorganize the capital of the Company and divide shares in the capital for the time being into several classes in accordance with the provisions of the Companies Act, 2017. Accordingly, the Memorandum and Articles of Association of the Bank are to be amended to comply with the regulations, subject to approval by the shareholders and the Securities and Exchange Commission of Pakistan (SECP). The Board of Directors has also proposed to increase the paid-up share capital of the Bank by further issuance of 135 million ordinary shares having face value of Rs. 10/- each as issue of share by way of other than the right offer, subject to approval by the shareholders and SECP. The Bank’s principal business is to provide microfinance services to the poor and underserved segment of the society as envisaged under the Microfinance Institutions Ordinance, 2001.