The board of directors at Escort Investment Bank, a project by Bahria Town, has decided to enhance the authorized share capital of the bank from Rs. 2 billion to Rs. 3 billion to achieve a necessary level of financial strength for expanding its operations.
According to the stock filing, the board passed the special resolution with or without modification to increase the authorized capital of the company.
The board of the directors discussed the need to issue further share capital for the purpose of expanding the business of the company. The board members concurred that to achieve this purpose, it was necessary to increase the authorized share capital from Rs. 2 billion (200 million ordinary shares) to Rs. 3 billion (300 million ordinary shares) with value of 10 per share.
It also decided for alteration in the Articles of Association of the company to provide for the power to divide share capital into classes of share and provide for different rights, restrictions and privileges of shares.
It has been resolved that Clause VI of the Memorandum of Association be deleted and replaced.
A couple of months ago, Escort Investment Bank geared up its operations with a new board and establishment of a new branch at Bahria Orchid in Lahore. The new branch was inaugurated by Ali Riaz, its CEO.
Remuneration of Directors
The remuneration of directors for their services for attending the meetings of the board was fixed at Rs. 200, 000/- per meeting.
Every Director (including an alternate Director but excluding the Chief Executive/Managing Director and a full-time Working Director) shall be entitled to be paid as remuneration for his services for attending Board Meetings.
Each Director (including each alternate Director), shall be entitled to be reimbursed his reasonable expenses incurred in consequence of his attendance at meetings of the Directors, of Committees of Directors.
Escort Investment Bank is a project of Bahria Town, with real estate tycoon Malik Riaz holding the majority of its shares.
>Escort Investment Bank is a project of Bahria Town, with real estate tycoon Malik Riaz holding the majority of its shares.
LOL so does that make Malik Riaz the pimp?