BAHL board approves Rs2bn capital boost for exchange company

MG News | August 08, 2024 at 02:43 PM GMT+05:00

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August 08, 2024 (MLN): The Board of Directors of Bank AL Habib Limited (PSX: BAHL) approved an increase in the authorized and paid-up capital of its wholly-owned subsidiary, AL Habib Exchange Company (Private) Limited, from the existing Rs1 billion to Rs3bn.

According to a notice issued by the bank on PSX today, the decision was made by the board in its meeting held on August 7, 2024.

To recall, the exchange company commenced operations on March 26, 2024, after the bank secured the license for operation from the State Bank of Pakistan (SBP).

The announcement of its establishment was made on September 22, 2023, with an authorized share capital of Rs1bn.

Now, capital enhancement is being undertaken to ensure smooth current operations and to consider future expansion plans.

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