From Awareness Times Newspaper in Freetown

Local News
In Sierra Leone, Standard Chartered Bank Holds Extraordinary AGM
By Bampia Bundu
Dec 23, 2010, 17:58

Standard Chartered Bank Sierra Leone Lim­ited has held an Extraordinary General Meet­ing of shareholders at the British Council Hall, Tower Hill over the weekend.

During the meeting, the Chairman of Board of Directors of the Bank, Mr. Alex B. Kamara reminded the audience of his advise last year, that the Central Bank has advised a second phase capital back-up with all Commercial Banks being required to increase minimum paid-up capital from Le15 billion to Le30 billion over a five year period. He said that it will commence from 31s’ December, 2010 to 31st December, 2014 with annual increase of Le 3 billion.

The Chairman went on to say that the meeting was primarily convened for the purpose of pass­ing a resolution that would enable Standard Chartered Bank meet the first trench of increase of the Le3 billion, that he said will ensure the bank meets the minimum requirement of Le18 billion by 31st December, 2010. Mr. Kamara confirmed that various proxies were received from shareholders and these together with members present at the meeting, consti­tuted a quorum. He informed shareholders on the main business of the day and proposed the following special resolution. To increase the issued Share Capital of the Company by the issue of one (1) bonus share of I_e1.00 each for every five (5) shares held by shareholders in the company’s Regis­ter as at 30th Septem­ber 2010 thereby utiliz­ing part of the revenue reserve as at 30lh Sep­tember 2010. This resolution was put forward to the meeting and shareholders and proxies present de­clared in favour by showing of hands. Therefore the resolu­tion was carried and adopted accordingly. The Chairman on be­half of the board thanked all present, extending Christmas wishes and a blessed New Year. The meeting was formally declared close.

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