Al-Arafah, Southeast, Union banks postpone AGM

Al-Arafah Islami Bank, Southeast Bank, and Union Bank have postponed their annual general meetings (AGM) for the year 2023 that ended on 31 December, which were scheduled to be held this month.

According to disclosures made by the banks on the stock exchanges, they have postponed the AGMs due to unavoidable circumstances.

Al-Arfah Islami was scheduled to hold the AGM on 18 August at 11:30am virtually.

The bank is required to seek approval from shareholders on the declared dividend, election and re-election of directors, audited reports, appointment of auditors, and other matters through the AGM.

Earlier, in April, the board of directors of Al-Arafah Islami Bank recommended 10% cash and 5% stock dividend for the last year. The record date was 9 June for the AGM.

Al-Arafah Islami Bank's share closed at Tk26.70, which was 2.69% higher than the previous session at the Dhaka Stock Exchange.

Union Bank and Southeast Bank's AGMs were scheduled to be held on 12 August, for which they were required to obtain approval for the announced dividends, directors' election and audit reports.

Earlier, in May, Southeast Bank has declared a 6% cash and 4% stock dividend to its shareholders for the last year, where Union Bank recommended a 5% cash dividend.

Southeast Bank's shares jumped around 8% to Tk12.50 on Sunday and Union Bank shares rose by 9.72% to Tk7.90.