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Karachi: Further to our letter No. CS/KSE-09/026/2012 dated February 20, 2012, we enclose for your record and information a copy of the certificate of external auditors, KPMG Taseer Hadi & Co., Chartered Accountants, certifying the adequacy of the free reserves of the Bank after issuance of 12.5% Bonus Shares.
Free Reserves for the year ended 31 December 2011
At your request we are pleased to confirm the position of paid capital of Meezan Bank Limited as of 31 December 2011 and the free reserves based on audited financial statements for the year ended 31 December, 2011 which have been audited by us in accordance with International Standards on Auditing as applicable in Pakistan, as follows.
|
Rupees in 000 |
|
| Issued Subscribed and paid up capital as on 31 December 2011 | 8,029,933 |
| Proposed bonus issue @ 12.5 % | 1,003,742 |
| ———- | |
| Enhanced capital | 9,003,675 |
| ———- | |
| 25% of Enhanced capital | 2,258,419 |
| ———- | |
| Reserves as on 31 December 2011 | 2,058,319 |
| Un-appropriated profit as on 31 December 2011 | 3,240,421 |
| PSV benefit claimed | (230,611) |
| Proposed Bonus issue @ 12.5% | (1,003,742) |
| ———- | |
| Free reserves | 4,064,387 |
As shown above, the free reserve retained after proposed issue of Bonus Shares are more than 25 present of the enhanced paid-up capital. The term “Free Reserves” has been deemed to have meaning given to it in the Rule 5 and 6 of the Companies (Issue of Capital) Rules 1996.
For more information, Contact:
Meezan Bank Limited
Meezan House C-25, Estate Avenue,
S.I.T.E., Karachi – Pakistan.
Tel: (92-21) 38103500
Fax: (92-21) 36406049
Web: www.meezanbank.com