Karachi, November 21, 2012 (PPI-OT): In accordance with clause (xx) of the Listing Regulation No. 35 under Code of Corporate Governance, we would like to inform you that the Board of Directors of Soneri Bank Limited (SNBL) in its meeting held on Wednesday, 21 November 2012 has reviewed the status of compliance with the State Bank of Pakistan’s Minimum Capital Requirement and in this regard has approved the issuance of bonus shares at the rate of 11% i.e. 11 shares for every 100 shares held of Rs.10 each, conditional upon the following:
1) Grant of specific relaxation of clause (iii) of Rule 6 of the Companies (Issue of Capital) Rules, 1996 by the Securities and Exchange Commission of Pakistan; and
2) Receipt of the necessary approvals from the State Bank of Pakistan.
Further, the Board has also authorized the President and Chief Executive Officer to determine and announce the entitlement date and book closure dates relating to the above declaration after receipt of the requited relaxations and approvals by the Bank.
For more information, contact:
Muhammad Altaf Butt
Soneri Bank Limited
Central Office: 5th Floor, Al-Rahim Tower,
I.I. Chundrigar Road,
P.O. Box No. 5856, Karachi, Pakistan,
Tel: 32446994, 111-567-890,
Fax: 32446661 and 32446734