Karachi: With reference to the Right Issue at 70% discount of KASB Bank Limited (the Bank) we wish to inform you that Securities and Exchange Commission of Pakistan (SECP) has accorded approval for extension in the deadline for issuance of shares against R-5 of the Bank till December 31, 2011.
Copy of SECP approval letter No. EMD/233/643/2002/534-539 dated November 11, 2011 is attached herewith for your record.
Extension in the time for Issuance of Right Shares as Discount
Please refer to the application dated October 4, 2011 subsequent letter dated October 13, 2011 and November 3, 2011 of KASB Bank Limited (the Bank) and related correspondence on the subject noted above. The Bank has requested for extension in time till December 31, 2011 for Issuance of right shares at discount on all the three Stock Exchange where shares of the Bank are listed.
2. In this connection, I am directed to inform you that keeping in view the submissions made in the aforesaid letter, the competent authority has acceded t your request for extension in time for issuance of right shares till December 31, 2011, in terms of Section 84 (1)(d) of the Companies Ordinance, 1984. It may be noted that the aforesaid extension has been granted subject to issuance and listing of right shares on all the three stock exchange members shares of the Bank are listed.
3. All other terms and condition of the Commission’s earlier approvals dated June 2, 2011 and August 3, 2011 in respect of the aforesaid right issue shall remain the same.
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136