Mercantile Bank to issue rights, non-convertible subordinated bond
Thursday, 1 October 2009
The fifth extraordinary general meeting (EGM) of Mercantile Bank Limited has approved a number of proposals of the board of directors of the bank including raising the bank's authorised capital from Tk 3.0 billion to Tk 8.0 billion.
The EGM was held in the city Wednesday. First Vice Chairman of the bank MS Ahsan presided over the meeting, said a press release.
Other proposals include establishment of subsidiary company(s) in joint collaboration with a view to expanding/diversifying business, issuance of two rights shares against three ordinary shares and issuance of non-convertible and fully redeemable subordinated Debt (Bond) for Tk 1.0 billion to raise Capital Fund.
In his presidential address, Mr Ahsan elaborated the necessities of these proposals for the implementation of the bank's business plan.
A large number of shareholders attended the EGM. Managing Director and Chief Executive Officer Dewan Mujibur Rahman delivered address of welcome to the shareholders.
Among others, Chairman of the Executive Committee of the bank Akram Hussain (Humayun), directors Engr Mohd Monsuruzzaman, ASM Feroz Alam, M Amanullah, Mohd Selim, AKM Shaheed Reza, Morshed Alam, Md Shahabuddin Alam, Mosharref Hossain and MA Khan Belal and sponsors Md Mizanur Rahman Chowdhury, Md Abdul Hannan and SM Shafiqul Islam (Mamun) were present at the EGM, the release added.
The EGM was held in the city Wednesday. First Vice Chairman of the bank MS Ahsan presided over the meeting, said a press release.
Other proposals include establishment of subsidiary company(s) in joint collaboration with a view to expanding/diversifying business, issuance of two rights shares against three ordinary shares and issuance of non-convertible and fully redeemable subordinated Debt (Bond) for Tk 1.0 billion to raise Capital Fund.
In his presidential address, Mr Ahsan elaborated the necessities of these proposals for the implementation of the bank's business plan.
A large number of shareholders attended the EGM. Managing Director and Chief Executive Officer Dewan Mujibur Rahman delivered address of welcome to the shareholders.
Among others, Chairman of the Executive Committee of the bank Akram Hussain (Humayun), directors Engr Mohd Monsuruzzaman, ASM Feroz Alam, M Amanullah, Mohd Selim, AKM Shaheed Reza, Morshed Alam, Md Shahabuddin Alam, Mosharref Hossain and MA Khan Belal and sponsors Md Mizanur Rahman Chowdhury, Md Abdul Hannan and SM Shafiqul Islam (Mamun) were present at the EGM, the release added.