Addis international Bank S.C. conducted the 4th Shareholders’ extraordinary general meeting on February 23, 2019 at Intercontinental Addis Hotel.
The meeting was called for the second time because of the non fulfillment 50 % + attendance requirement to conduct extraordinary meeting on November 17, 2018.
Accordingly, 1,780 Shareholders (43.07 %) attended the extraordinary meeting, which is above the minimum requirement of 33% to convene the meeting with the second call. The agenda of the meeting were to amend the by-law of the Bank and to raise the subscribed capital of the Bank.
The Bank’s registered capital was approved to be Birr 800 million during the 1st extraordinary meeting. Whereas, the paid up capital as of January 31, 2019 reached Birr 764.5 million. This will be raised above the registered capital if shareholders capitalized their dividend (if dividend ploughed back) and additional shares sold. To this end, the Board of Directors presented proposals on amendment of the Bank’s by-law, raising the registered capital of the Bank to the general assembly.
Thus, the shareholders unanimously approved the proposal as the Bank’s registered capital to be Birr 1.5 billion until June 30, 2023 and amended the Article 15 of the by-law , which states the extraordinary meeting has to be convened within a week if there is failure to conduct with the scheduled time as it will be within three month to call for the second or third time. The General Assembly has also amended Article 29 that states the authorities and responsibilities of the President and Vice presidents.
