The Karachi Stock Exchange (Guarantee) Limited’s right shares

Karachi: This is in continuation of our letter dated August 29, 2011, to inform you that in response to our request, our sponsor shareholder has now remitted Rs. 2,054,987,544 to take up the unsubscribed portion or the rights issue, i.e., 1,499,990,908 shares. Hence the bank has now received full subscription amount of Rs. 8,575,000,000 against rights issue of 6,259,124,088 shares.

We are currently in process of having the shares credited in CDS and issued in physical form.

Right Shares Subscription

As requested, we confirm to have verified from bank statements and books and records of NIB Bank Limited (“the Bank”) that following have been received by the Bank against right issue of shares which was approved in the board of Directors meeting held on 01 March 2011:

 

Rupees

Bugis Investments (Mauritius) Pte Limited 6,352,680,774
Minority Shareholders (excluding unsubscribed portion)167,331,682
————-
6,520,012,456
Bugis Investments (Mauritius) Pte Limited, for
unsubscribed portion of minority right shares2,054,987,544
————-
8,575,000,000

 

 

Further, we confirm that:

Based on the un-audited financial statements of the Bank as of 30 June 2011, the paid-up capital (ordinary shares), before the above subscription money against the above right issue of shares, is Rs. 40,437,270,760 (Rupees forty billion four hundred thirty seven million two hundred seventy thousand seven hundred sixty only), divided into 4,043,727,076 ordinary shares of Rs. 10 each:

Based on the above subscription amounts, the enhanced paid-up capital and discount on issuance of rights shares will be as follows:

 

Rupees

Share capital (divided into 10,302,851,164 ordinary shares of Rs. 10 each)103,028,511,640
—————
Discount on issuance of right shares  (54,016,240,880)
—————

 

 

The Board of Directors in its meeting held on 1 March 2011 has approved the issue of 6,259,124,088 right shares at discount of Rs. 8.63 per share. Further, we have been given to understand by the management of the Bank that, the management is in process of issuing right shares, subject to completion of necessary regulatory formalities; and

We have been appointed as statutory auditors by the shareholders of the Bank for the year ending 31 December 2011 in the Annual General Meeting held on 30 March 2011.

 

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk