The New Nation - Internet Edition

NATION BUSINESS REPORT

The 7th Extraordinary General Meeting (EGM) of BRAC Bank Limited was held in Dhaka on January 8 last, where the shareholders approved raising of Tk 3 billion in Subordinated Convertible Bond as Tier-II capital to support the business growth of the bank for the year 2009.

The shareholders approved the issuance of the Subordinated Convertible Bond of BDT 3 billion as Tier-II capital for the Tenor of 84 months having an interest rate ranging between 14% to 14.50%.

The face value of the bond will be BDT 1,000 each 25% of the total bond would be converted in phases starting from the end of 5th year to ordinary shares at 3 to 3.5 times Book Value.

The meeting was chaired by Muhammad A (Rumee) Ali, Chairman of BRAC Bank Limited.

In his brief address to the shareholders, he stated, among others, that deposit base of BRAC Bank registered a 55% growth in the year 2008, while assets grew by 60%.

Others attendees were, the Directors of the Board Dr. Hafiz G. A Siddiqi, Ms Nihad Kabir, Ms Tamara Hasan Abed, Shib Narayan Kairy, Managing Director and CEO AEA Muhaimen and Company Secretary Rais Uddin Ahmad.