The Extraordinary General Assembly of MIB approved a 5000-billion IRR increase of its capital sourced from shareholders' matured claims and cash contributions.
According to the Public Relations Department of MIB, the extraordinary general assembly of this company was held on Saturday, December 27, 2021, in the presence of more than 82% of its shareholders. As approved by the assembly, the company's capital rose from 11 thousand billion to 16 thousand billion IRR sourced from shareholders' matured claims and cash contributions. With this capital rate, Temellat will have the highest registered capital among other investment companies active in the capital market.
The MIB's assembly was chaired by Mahdi Vahabpour and supervised by Majid Ahadi and Hoda Asnaashari. Seyed Rouhollah Hosseini Moghaddam, the MB's CEO was the secretary of the assembly who provided a report on the performance of the board of directors. He talked about the MIB's capital increase process and considered it to have aimed at accepting financing obligations and providing large economic enterprises with new services. He added, "Capital adequacy is critical for investment companies. The higher their capital adequacy, the more their obligations will be accepted, which will enable them to enter new areas and earn more revenue."
The MIB's CEO also mentioned some measures taken in the current year and said, "As a supply consultant, committed underwriter and market maker, MIB has been active in offering the debt securities of Kish Investment and Development Company worthy of one thousand billion IRR. We are also a supply consultant of Shazand Oil Refinery."
Hosseini Moghaddam talked about the various scenarios of the company's profitability with and without an increase in its capital and said, "Temellat's operating income is predicted to rise to 900 thousand billion Tomans if its capital increases to 16 thousand billion Tomans, Thus, we predict a net profit of 775 billion Tomans for the current year."
The MIB' CEO emphasized the company's support of its minority shareholders and said, "The management and majority shareholders do their best to pursue the rights of shareholders, especially minority ones. If there has been any negligence in this regard, we will try to compensate it.
Following the CEO's report, the extraordinary assembly voted in favor of an increase in the company's capital from 11000 billion to 16000 billion IRR.