News for the shareholders of Shahr and Sarmayeh Banks

According to Tejarat News, several companies in the Cadal system published their announcements under the title “Disclosure of Important Information” yesterday. The following is a detailed description of these announcements.

City

Bank Shahr in a statement entitled “Transparency regarding rumors, news or published reports” announced that the return to the letter dated 07/20/1400 regarding the capital increase and based on Article (2) (3) of the Executive Instruction on Disclosure of Company Information Registered with the Securities and Exchange Commission, the Central Bank has obliged the bank to increase its capital and receivables by 200%.

However, in order to implement Note (1) of Article (8) of the Executive Instruction of the Stock Exchange and Securities Organization on how to change the capital of companies covered by Article 141 of the Bill amending part of the Commercial Code, the above capital increase plan must be formulated within a certain period. Article 141 of the bill amending a part of the commercial law.

In this regard, the Board of Directors of the Bank, at the invitation of the Extraordinary General Meeting of Shareholders, in order to review and determine the ways out of the provisions of Article 141 of the Amendment to the Commercial Code, the meeting was held on 12/14/2012 and according to the report and results As a result of the bank’s performance, which shows the growing trend of operational and non-operational activities, it approved the decision not to dissolve and continue the bank’s activities in accordance with Article 20 of the Articles of Association.

In addition, in accordance with the provisions of the Articles of Association, the Assembly instructed the Board of Directors to review all available solutions to exclude Article 141 of the Commercial Code and take the necessary measures to hold an extraordinary meeting to reduce accumulated losses and increase capital after approval by the competent authorities.

In view of the above and considering the need to audit the capital increase justification plan by an independent auditor and statutory auditor, this could not be until the end of the four-year audit period at the end of fiscal year 1399. The time for the election of a new auditor will be in 1400, which fortunately, considering the election of an independent auditor and a new statutory auditor (Behmand Auditing Institute) in the Extraordinary General Assembly on 06/31/1400, is seriously underway.

سمایه

Sarmayeh Bank also clarified in an announcement in Kedal as follows: The Central Bank, as the supervisor of the banks’ activities, in order to revive Sarmayeh Bank, obliges this bank to prepare a report on the justification plan to increase the capital from 400 billion tomans to 10.4 thousand billion tomans. The depositor withdrew cash from the current shareholders, after which the bank prepared the plan and sent it to the esteemed auditor and legal inspector of the bank for comment.

It is worth mentioning that according to the latest negotiations to complete the capital increase process, due to several legal restrictions and also the emphasis of the bank’s auditor and statutory inspector that the central bank’s commitment rate is not clear, the bank is pursuing the removal of legal obstacles through authorities. It is competent that as soon as the result is obtained, it will be informed through the Cadal system of the Stock Exchange Organization. It is necessary to explain that following the meeting held with the director of primary market supervision of the Stock Exchange and Securities Organization, it was decided that the bank should update the report of the bank’s justification plan, which is underway.

Tanwin

In an announcement about the transfer of 71.5% of the shares of Novin Insurance Company (public joint stock company) mainly and in cash through offering in the first OTC market, Tamin Sarmaye Novin Company announced transparency and announced in order to comply with the provisions of paragraph “b” of Article 13 of the Executive Instruction Registered with the Organization »The auction of transfer of shares of Novin Insurance Company (Public Joint Stock Company) was held mainly and in cash through offering in the first OTC market of Iran; But on the date of supply, 07/24/1400, with the announced conditions, there was no applicant and it was not sold.

Source: the world of economy

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