Meezan Bank Limited’s certificate on free reserves for issue of bonus shares

Karachi: Further to our letter No. CS/KSE-09/026/2012 dated February 20, 2012, we enclose for your record and information a copy of the certificate of external auditors, KPMG Taseer Hadi and Co., Chartered Accountants, certifying the adequacy of the free reserves of the Bank after issuance of 12.5% Bonus Shares.

Free reserves for the year ended 31 December 2011

At your request we are please to confirm the position of paid-up capital of Meezan Bank Limited as of 31 December 2011 and the free reserves based on audited financial statements for the year ended 31 December 2011. Which have been audited by us in accordance with International Standards on Auditing as applicable in Pakistan. As follows:

 

(Rupees in ‘000)

Issued, subscribed and paid-up capital as on 31 December 2011 8,029,933
Proposed bonus issue @ 12.5% 1,003,742
Enhanced capital 9,033,675
25% of enhanced capital 2,258,419
Reserves as on 31 December 2011 2,058,319
Unappropriate profit as on 31 December 2011 3,240,421
Proposed bonus issue @ 12.5% (1,003,742)
Free reserves 4,064,387

 

As shown above, the free reserves retained after the proposed issue of bonus shares are more than 25 percent of the enhanced paid-up capital. The term “Free Reserves” has been deemed to have the meaning given to it in the Rule 5 and 6 of the Companies (Issue of Capital) Rules, 1996.

For more information, Contact:
Meezan Bank Limited
Meezan House C-25, Estate Avenue,
S.I.T.E., Karachi – Pakistan.
Tel: (92-21) 38103500
Fax: (92-21) 36406049
Web: www.meezanbank.com

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