SECP allows HBL for further issue of shares by way of other than right

MG News | December 23, 2019 at 02:13 PM GMT+05:00

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December 23, 2019 (MLN): Pakistan Stock Exchange (PSX) has informed that the Security Exchange Commission of Pakistan (SECP) has allowed Habib Bank Limited to issue upto 117,280,041 shares against conversion of Term Finance Certificates (TFCs) amounting to Rs 15,000,000,000 by way of shares other than right under Companies Act 2017 to holders of subject TFCs on occurrence of trigger events.

The SECP has approved this on the basis of special resolution passed by the shareholders of the Bank in the extraordinary general meeting held on June 21, 2019 and approval of state Bank of Pakistan (SBP).

However, it is pertinent to mention that the aforesaid approval is subject to the conditions mentioned in the notification.

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