Invest Capital Investment Bank Limited Announces Extraordinary General Meeting to Address Share Capital Reduction

Karachi: Invest Capital Investment Bank Limited (ICIBL) has announced an Extraordinary General Meeting (EOGM) scheduled for 26th September 2024, to be held in Karachi and via video link. The notice, set for publication on 5th September 2024 in *The Nation* and *Naw-e-waqat*, as well as on the company’s website, details the agenda of the meeting, which includes a significant reduction in the company’s ordinary share capital.

The main item on the agenda is the approval of the reduction of the company’s ordinary share capital by Rs. 2.42 billion (2,418,139,120). This involves the cancellation of 241,813,912 ordinary shares. According to the notice, the reduction is aimed at adjusting accumulated losses and addressing negative capital reserves resulting from the amalgamation, which are no longer represented by available assets.

The proposed capital reduction will be voted on by shareholders as a special resolution, in accordance with Section 134(3) of the Companies Act, 2017. Shareholders have been provided with a statement of material facts and a draft resolution to facilitate the approval of this special business.

According to information available from the Pakistan Stock Exchange (PSX), this reduction of share capital is expected to realign ICIBL’s financial structure by addressing its losses and capital shortfalls. The adjustments will reflect the current state of the company’s available assets following previous losses and negative reserves.

The company has requested that the stock exchange inform its members about the upcoming meeting. The notice reiterates that all relevant documentation regarding the special business and the proposed resolution is available for shareholders’ review.

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