From Awareness Times Newspaper in Freetown

Local News
In Sierra Leone, Standard Chartered Bank Holds Extraordinary Meeting
By Augustine Samba
Dec 21, 2012, 17:06

One of the leading commercial Banks in Sierra Leone, the Standard Chartered Bank on Thursday held their extraordinary General Meeting at Beccles- Davies Memorial Hall, Freetown. The Meeting which attracted Board of Directors, shareholders and management was held primarily to pass a resolution that would enable the company meet the minimum paid up capital requirement as stipulated by the Central Bank of Sierra Leone as at 31st December 2012. In his statement, the Chairman Board of Directors of the Standard Chartered Bank, Mr. Alex Kamara said various proxies have been received from shareholders and all together with members present constitute a quorum.

 

For democratic reasons and transparency as well as accountability, the Chairman asked all shareholders to asked question on the motion before voting on it. The special resolution that the Chairman proposed was to increase the minimum paid up capital of the company by the issue of one (1) bonus share of Le 1.00 each for every seven shares held by shareholders in the companyís register as at 31st August 2012 thereby utilizing part of the revenue reserve as at 31st August 2012. The chairman went on to say, the revenue as at 31st August 2012 after transfer to statutory reserves, stand at Le6.4 billion which is adequate to finance the required bonus issue amounting to Le3.1 billion. Several questions and recommendations were put forward by shareholders and management. The resolution was unanimously approved.



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