Dhaka, Bangladesh (BBN)- The shareholders of Phoenix Insurance Company Limited (PICL) proposed to change the denomination of the shares face value and increase the authorized capital accordingly.

They also approved the Amendment of Memorandum and Article of Association and special resolution, a company statement has said.

The third extra-ordinary general meeting (EGM) of the company held at IDEB Bhaban in the capital Dhaka on Sunday approved the proposal. PICL Director Deen Mohammad presided over the EGM.

BBN/SI/SSR-30Nov10-1:06 am (BST)