Karachi November 10 2022: At the meeting of the Board of Directors of Bank Alfalah Limited held on 10th November 2022 today, the Board approved, and decided to recommend to the members of the Bank for their approval by passing of special resolutions, the purchase/buy-back of up to 200,000,000 (Two Hundred Million) ordinary shares.
These shares constituting up to approximately 11.25% of the current issued and paid up share capital of the Bank, having face value of PKR 10/- (Pak Rupees Ten).
This buy back will be in accordance with Section 88 of the Act read with the Regulations, subject to, inter alia, obtaining the requisite approvals from the members of the Bank and the State Bank of Pakistan (the “Buy-Back”). The relevant details/salient features of the Buy-Back, as recommended by the Board of Directors, for approval of the members.
The Board has decided to convene an Extra Ordinary General Meeting (“EOGM”) of the shareholders, on Tuesday, 6th December 2022 at 11:00 AM at Karachi to seek members’ approval (pursuant to by way of passing of Special Resolution in accordance with Section 88(5) of the Act) for the proposed purchase/Buy-Back of shares.
