The announcement of financial results are being postponed by Bank of Punjab and holding of the Annual general meeting has been the highlight among industry stakeholders.
28th March marked the day when the application was filed by Punjab Bank for the extension of the Annual general meeting to the SECP. There is no update regarding this matter as of now.
SECP has also granted 30 days extension to the bank according to the recent stock filing. Discussion of a company’s performance and development is done through board meetings so banks should be making it possible to have such meetings.
The main issue for a company’s stakeholders was considered as rights offerings that also declares buying additional shares directly.
BOP has decided to issue 70% shares at price 12 per share just after SBP asked to meet capital needs. Underwriters are benefited by the issuance of rights because their number was increased surprisingly. It was also called a pre-planned rights issue for the sake of benefits by some economic pundits.
It will be accounted that Ali Nadeem, who will be those privileges of the minority shareholder of the bank, affirmed that those BoP’s President might have been included clinched alongside insider trading, Similarly as he aggravated enormous cash Toward offloading allotments in the recent past those bank promoted in the press to looking consultancy benefits to those rights issue.
Only 0.26% of the rights shares were subscribed by institutional investors and the general public and that made underwriters to have remaining shares.
By the limit for 2018, the bank will make provisioning to the greater part non-performing loans.
Those worried authorities, particularly national responsibility department (NAB), state bank for Pakistan Also security and trade requisition from claiming Pakistan, ought to pay heed of the bank’s complex move preceding it’s really late.