Dhaka, Bangladesh (BBN) – AB Bank held its 34th Annual General Meeting on Tuesday at Senamalancha in the capital Dhaka.
The AGM approved 12.50 per cent stock dividend for the year ended 2015.
The 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 BDT 6.0 billion to BDT 15 billion 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 BDT 10.00 per share, after effecting stock dividend for the year 2015, subject to approval from the regulatory authorities.
AB Bank Limited completed its 34th year of successful banking on April 12, 2016. Net Asset Value (NAV) stood at BDT 22.79 billion in 2015 which is 18 per cent higher than 2014.
Total Asset of the Bank stood at BDT 285.01 billion reflecting a growth of 16 per cent over last year.
The 34th AGM was presided over by the Chairman of the Bank, M. Wahidul Haque.
Directors and the President and Managing Director 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.