Southeast Bank EGM approves rights, bond issue
Sunday, 27 September 2009
The fifth extraordinary general meeting (EGM) of Southeast Bank Limited has approved 1:2 rights shares and issuance of bond for Tk 2.0 billion.
The EGM was held in the city Saturday. Chairman of the bank Alamgir Kabir presided over the meeting, said a press release.
According to the offer, every shareholder who possesses one share will get two shares with a premium of Tk 60 only.
While explaining the basis of the proposals, Chairman of the bank told the EGM that the bank took the programme of increasing its core capital through issuance of rights share and supplementary capital by issuance of Bond for Tk 2.0 billion to strengthen bank's capital structure to support planned expansion of business of the bank in the coming days.
After issuance of the rights share, the bank's total paid-up capital will stand at Tk 513,39,55,900 only, he pointed.
The rights share and issuance of Bond is subject to approval of regulatory authorities and amendment of Article 94 of the Articles of Association of the bank.
In his address of welcome Managing Director of the bank Mahbubul Alam briefly highlighted bank's position and its march toward further growth. He also thanked the shareholders for their sincere co-operation and support to the bank.
Among others, Vice Chairman of the bank Ragib Ali and directors Azim Uddin Ahmed, Jusna Ara Kashem, Duluma Ahmed, Syed Shahid Ali, Rehana Rahman, Dr Zaidi Sattar and AHM Moazzem Hossain were present at the EGM.
A large number of shareholders attended the EGM, the release added.
The EGM was held in the city Saturday. Chairman of the bank Alamgir Kabir presided over the meeting, said a press release.
According to the offer, every shareholder who possesses one share will get two shares with a premium of Tk 60 only.
While explaining the basis of the proposals, Chairman of the bank told the EGM that the bank took the programme of increasing its core capital through issuance of rights share and supplementary capital by issuance of Bond for Tk 2.0 billion to strengthen bank's capital structure to support planned expansion of business of the bank in the coming days.
After issuance of the rights share, the bank's total paid-up capital will stand at Tk 513,39,55,900 only, he pointed.
The rights share and issuance of Bond is subject to approval of regulatory authorities and amendment of Article 94 of the Articles of Association of the bank.
In his address of welcome Managing Director of the bank Mahbubul Alam briefly highlighted bank's position and its march toward further growth. He also thanked the shareholders for their sincere co-operation and support to the bank.
Among others, Vice Chairman of the bank Ragib Ali and directors Azim Uddin Ahmed, Jusna Ara Kashem, Duluma Ahmed, Syed Shahid Ali, Rehana Rahman, Dr Zaidi Sattar and AHM Moazzem Hossain were present at the EGM.
A large number of shareholders attended the EGM, the release added.