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Islamabad, Habib Bank Limited has officially received approval from the State Bank of Pakistan for a substantial equity investment in its subsidiary, HBL Microfinance Bank Limited. The investment, amounting to Rs. 6 billion, will facilitate the acquisition of 600 million right shares of HBL Microfinance Bank Limited.
The shareholders of Habib Bank Limited passed special resolutions during an Extraordinary General Meeting held on May 30, 2024, at HBL Tower in Islamabad. These resolutions, now effective, authorize the bank to proceed with the planned investment by December 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the approved investment is contingent upon further approvals and the execution of necessary agreements and deeds to give effect to these resolutions.
The resolutions empower the Board of Directors, or any person authorized by the board, to perform all necessary actions to complete the investment. This includes executing and delivering deeds, agreements, and declarations on behalf of Habib Bank Limited.