MTB to issue fresh equity in favour of Norfund

FE Online Report | Published: September 20, 2018 12:40:00 | Updated: September 23, 2018 12:26:23

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The board of directors of Mutual Trust Bank has decided to convene an EGM to issue fresh capital and bring changes in few clauses of Articles of Association.

The board has decided to issue fresh equity/ordinary securities/shares in favour of Norfund-The Norwegian Investment Fund for Developing Countries, organised and existing under the relevant laws of the Kingdom of Norway, said an official disclosure on Thursday.

It is subject to approval by the shareholders at the extraordinary general meeting (EGM) and upon receiving consent from the regulatory authorities like Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC).

The bank has decided to issue 63,707,004 number of equity shares or 10 per cent of the total outstanding shares, whichever is higher (on the date of issuance) at Tk 27.19 each including a premium of Tk 17.19 each (face value at Tk 10 each) at a total value of Tk 173,23,74,818, said the disclosure.

Norfund will nominate one member to the board of directors of MTB.

The company has further informed that it will change in few clauses of Articles of Associations (AoA).

The EGM is scheduled to be held on November 1 at 10am at the Samson H Chowdhury Auditorium (level-10), MTB Tower in Dhaka.

The record date for EGM is October 10.

Each share of the bank, which was listed on Dhaka bourse in 2003, closed at Tk 36.90 on Wednesday.

The bank’s paid-up capital is Tk 5.73 billion and authorised capital is Tk 10 billion, while the total number of securities is 573.36 million.

The sponsor-directors own 37.31 per cent stake in the bank, institutional investors 23.39 per cent and the general public 39.30 per cent as on August 31, 2018, the DSE data shows.

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