Shareholders of JS Bank Limited have approved the conversion of Term Finance Certificate (TFC-V, issued on August 31, 2023) of Rs. 3,500 million into common shares, the bank informed the Pakistan Stock Exchange on Monday.
According to a stock filing, the bank said this conversion will be subject to instructions of the State Bank of Pakistan (SBP) on the occurrence of a point of non-viability in compliance with the ‘Instructions for Basel III Implementation in Pakistan’ issued by SBP, subject to a maximum of 924,772,179 TFC-V additional shares to be issued, and which ordinary shares shall be issued other than by way of rights under section 83(1)(b) of the Companies Act, 2017.
The filing added that any two of the President & Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and Company Secretary of the Bank be and are hereby authorized to take all steps necessary, ancillary, and incidental to the above-mentioned resolution, as and when required, and are further authorized to sign, execute, and deliver all necessary documents, agreements, and letters on behalf of the Bank, as may be deemed appropriate and as may be required for the purposes above-mentioned.
