CALBANK Plc approves increase in authorized shares to 2.5 billion at AGM
CALBANK Plc, a prominent financial institution, made significant strides at its recently concluded Annual General Meeting held on June 8, 2023. The gathering witnessed the approval of pivotal resolutions that will shape the bank’s future trajectory.
In a resounding mandate, shareholders backed the proposal to bolster CALBANK’s authorized shares. The resolution passed with resounding support, paving the way for an increase from 2 billion to 2.5 billion ordinary shares of no-par value. Additionally, the bank will introduce 500 million preference shares, a testament to CALBANK’s ambition to diversify its capital structure. This momentous decision necessitated an amendment to the company’s Constitution, symbolizing a forward-looking approach to the ever-evolving financial landscape.
Demonstrating astute financial acumen, the Board of Directors obtained authorization to raise up to GHS 600 million in additional capital for CALBANK. Empowered by this resolution, the esteemed directors possess the flexibility to leverage various instruments or a combination thereof to secure the required funds. This strategic move reflects the bank’s commitment to fortifying its position in the Ghanaian market and enhancing its capacity to meet the evolving needs of its clientele.
In a nod to continuity and expertise, the Annual General Meeting witnessed the re-election of esteemed directors. Mr. Kofi Osafo-Maafo, Nana Otuo Acheampong, and Mr. Kwaku Baa Korsah, having fulfilled their responsibilities and retired by rotation, were re-elected to the board. This decision underscores shareholders’ confidence in their leadership abilities and the immense value they bring to CALBANK.
Furthermore, the meeting heralded the re-election of Mr. Carl Selasi Asem as an executive director of CALBANK PLC. This endorsement aligns with the bank’s commitment to harnessing executive talent and ensuring effective governance in accordance with its Constitution.
CALBANK PLC’s Annual General Meeting marked a pivotal moment in the institution’s trajectory, showcasing its dedication to fortifying its capital structure, augmenting its financial capabilities, and maintaining a strong leadership framework. These strategic decisions position CALBANK for continued success in the dynamic and competitive banking sector.
