Dhaka, Bangladesh (BBN) – Face value of shares of Islami Bank Bangladesh Limited (IBBL) will be BDT 10 instead of existing BDT 100 and market lot will be 100 instead of existing 10 shares subject to approval of the Securities and Exchange Commission (SEC).
The decision was approved unanimously by the shareholders in the extraordinary general meeting (EGM) of the bank held at the Institution of Diploma Engineers, Bangladesh on Friday, a bank press statement said.
Chairman of the IBBL Prof. Abu Nasser Muhammad Abduz Zaher presided over the meeting. The meeting approved the change in clause V of Memorandum and clauses 4(a) and 64 of the Articles of Association of the bank.
Earlier, the SEC issued a directive for uniform face value of equity shares and mutual fund units at BDT 0 by November 30, a move that will help create a level-playing field in the stock market.
BBN/SSR/AD-29Oct11-11:41 am (BST)