Shareholders of CIH Bank have approved all resolutions presented at an extraordinary general meeting held on 22 May in Casablanca, including plans for capital increases of up to one billion dirhams.
The meeting, chaired by CIH Bank Chief Executive Officer Lotfi Sekkat, was attended by shareholders representing 72.55% of the bank’s share capital.
The main item on the agenda was the approval of two capital increase operations with a combined maximum value of one billion dirhams.
The first operation, capped at 250 million dirhams, is reserved for employees of the bank and its subsidiaries. It includes the waiver of existing shareholders’ preferential subscription rights.
The second operation would allow the bank to raise up to 750 million dirhams through the issuance of new shares paid for in cash, also with the waiver of preferential subscription rights.
Shareholders also granted the Board of Directors and the chief executive the authority to carry out the transactions, determine their terms, confirm their completion and make the necessary amendments to the bank’s statutes.
All seven resolutions on the agenda were approved unanimously, receiving 100% of valid votes cast.
