Ballot Papers for Postal Voting at MCB Bank Published in Major Pakistani Newspapers

Lahore, In a recent development, MCB Bank Limited has issued ballot papers for postal voting on a significant corporate restructuring plan, which are to be published in the major Pakistani newspapers, “Dawn” and “Daily Jang,” on June 26, 2024. The bank communicated this information in a letter to the TRE Certificate Holders of the Pakistan Stock Exchange.

According to information available from the Pakistan Stock Exchange (PSX), the ballot paper concerns a proposed Scheme of Compromises, Arrangements, and Reconstruction between MCB Bank Limited and its wholly-owned subsidiary, MCB Islamic Bank Limited. The resolution on the ballot paper seeks shareholder approval to transfer the banking business, including assets, liabilities, and operations of 39 branches of MCB Bank to MCB Islamic Bank.

The ballot paper includes detailed instructions for filling out and submitting votes. Shareholders are required to vote by placing a tick mark in the box corresponding to their assent or dissent for the scheme. The document outlines the need for a valid copy of a CNIC, NICOP, or passport to be enclosed with the ballot paper, which should be sent to the designated chairpersons by July 5, 2024. The chairpersons listed for receiving the completed ballots are Mr. Muhammad Almas and Mr. Ali Hussain Gilani, both advocates based in Lahore.

Additionally, the ballot paper states that any submissions after the July 5 deadline will not be considered. Incomplete, unsigned, or incorrectly filled ballot papers will be rejected, according to the guidelines. For further convenience, MCB Bank has also made the ballot paper available on its official website, allowing shareholders to download or print it for submission.

This voting process is critical as it requires a majority to pass the resolution, which also includes any modifications or conditions that may be required or imposed by the Lahore High Court. The bank has authorized its President & CEO, the Company Secretary, and the Chief Financial Officer to take necessary steps for the implementation and completion of the proposed scheme.