AB Bank approved 12.50% Stock Dividend

AB Bank held its 34th Annual General Meeting on Tuesday, July 12, 2016 at the Senamalancha, Dhaka. The AGM approved 12.50% Stock Dividend for the year ended 2015. AGM also adopted Directors’ Report and Audited Financial Statements while consenting to the appointment of Barrister Syed Afzal Hasan Uddin, Mr. Syed Golam Kibria and Mr. Asish Baran Sarkar as Director. Shareholders also appointed M/s. Howladar Yunus & Co., Chartered Accountants, as Statutory Auditor of the Bank for the year 2016.

Earlier an Extra-Ordinary General Meeting (EGM) of the Bank was held on the same day at 9.00 am at the same venue where shareholders approved a special resolution to increase Bank’s Authorized Capital from Tk.600 crore to Tk.1,500 crore and necessary amendments in the Memorandum and Articles of Association of the Bank. In the EGM, shareholders also approved to increase Bank’s Paid-up Capital by issuing Rights Share @5:4R (i.e. 4 rights share against existing each 5 shares to shareholders) at a price of Tk. 10.00 per share, after effecting stock dividend for the year 2015, subject to approval from the Regulatory Authorities.

AB Bank Limited completed its 34 th year of successful banking on April 12, 2016. Net Asset Value (NAV) stood at Tk. 2,279 crore in 2015 which is 18% higher than 2014. Total Asset of the Bank stood at Tk. 28,501 crore reflecting a growth of 16% over last year.

The 34 th AGM was presided over by the Chairman of the Bank, Mr. M. Wahidul Haque.Directors and the President & Managing Director Mr. Shamim Ahmed Chaudhury were also present. A good number of shareholders, patrons and well-wishers attended the Annual General Meeting and participated in its deliberation.