Karachi, Thal Limited has disclosed its book closure dates from March 9, 2024, to March 11, 2024, for the issuance of a 40% interim dividend. The record date set for the dividend distribution is March 7, 2024. This announcement made to the Pakistan Stock Exchange reflects Thal Limited’s intent to reward its shareholders and demonstrates its financial health and stability.
Apna Microfinance Bank Announces Twentieth Annual General Meeting
Karachi, Apna Microfinance Bank Limited has issued a notice for its Twentieth Annual General Meeting, scheduled to take place on July 5, 2023, in Karachi. The meeting aims to address various important matters, including the confirmation of minutes from the previous Annual General Meeting and the adoption of the Annual Audited Financial Statements for the year ended December 31, 2022, along with the respective reports.
One of the crucial items on the agenda is the review and consideration of the appointment of RSM Avais Hyder Liaquat Nauman, Chartered Accountant, as the bank’s auditors for the year ending December 31, 2023. The proposed appointment by the Board of Directors will also include determining their remuneration.
Furthermore, the notice highlights that the Share Transfer Book of the company will remain closed from June 29, 2023, to July 5, 2023, both days inclusive. This closure period indicates the temporary suspension of share transfers during this period.
Share Capital Increase Approved through Postal Voting at Extraordinary General Meeting
Karachi, In a significant development, shareholders of a prominent company have approved a special resolution to increase the authorized share capital from PKR 120.00 million to PKR 14.00 billion. The decision was reached during the Extraordinary General Meeting held on Friday, June 23rd, 2023, at the company’s Registered Office in Karachi.
The members, granting their consent through a ballot paper voting process, endorsed the resolution, which also includes amendments to the memorandum and article of association. These changes will facilitate the implementation of the increased authorized share capital.
Furthermore, the Board of Directors was empowered by another resolution to capitalize the sum currently held in any reserve fund or reserve account of the company. This includes premiums received from shares or debenture issuance, as well as undivided net profits. The capitalized sum will be appropriately distributed among ordinary shareholders as bonus shares or debentures, with the distribution proportional to their existing holdings.
To ensure smooth execution, the Directors have been granted the authority to address any difficulties arising from this distribution. They may determine the value of fully paid-up shares or debentures, make cash payments to shareholders, or vest the shares or debentures in trustees for the benefit of the entitled parties. These measures aim to ensure fairness and efficiency in the allocation and distribution process.
In line with the Companies Act of 2017, the additional shares to be issued will carry equal voting rights and rank pari passu with the existing ordinary shares. This equal treatment aims to safeguard the interests and rights of all shareholders.
It should be noted that the alterations made to the company’s articles of association will be subject to any necessary amendments, modifications, additions, or deletions. However, such changes will not require fresh approval from the members in a general meeting.
To give effect to the resolutions, the Chief Executive Officer and/or Company Secretary of the company has been granted sole authorization to undertake all necessary steps. This includes executing legal and corporate formalities, as well as filing requisite documents with the Securities & Exchange Commission of Pakistan.
The shareholders’ overwhelming support for these resolutions demonstrates their confidence in the company’s future prospects and its ability to drive growth in the market. With the increased authorized share capital, the company is well-positioned to pursue strategic initiatives and expand its operations in the coming years.
National Investment Trust Limited’s Board of Directors Meeting to Discuss Interim Dividend for NIT Pakistan Gateway ETF
Karachi, In an upcoming Board of Directors meeting scheduled for June 15, 2023, the National Investment Trust Limited (NIT) will address various matters, including the consideration of an Interim Dividend for the NIT Pakistan Gateway Exchange Traded Fund (NITPG-ETF).
During the meeting, the board members, led by Chairman Mr. Faisal Arjumand and Ms. Anisa Panjwani, will discuss the dividend proposal and evaluate its feasibility. To ensure effective communication, interested parties are requested to contact the Exchange through telephone numbers 32421510 and 32466337. Furthermore, after transmitting the necessary documents via fax at the UAN Fax No. 111-573-329, individuals can reach out to the Exchange at phone numbers 32439618 and 35274381.
Bhanero Textile Mills Approves Scheme of Arrangement for Demerger and Merger with Bhanero Energy Ltd Unit I
Karachi, In a recent board meeting held on June 10, 2023, Bhanero Textile Mills Ltd announced the unanimous approval and adoption of the Scheme of Arrangement between the company and Bhanero Energy Ltd Unit I (BEL-I), as sanctioned by the Sindh High Court Order Number JCM 10 of 2022.
Under the scheme, the BEL-I Kotri Unit Undertaking will be demerged from Bhanero Energy Ltd (BEL) and merged into Bhanero Textile Mills Ltd. This strategic move aims to streamline operations and enhance efficiency within the organization.
As part of the arrangement, Bhanero Textile Mills Ltd will issue 40,964 shares to the shareholders of BEL in proportion to their respective shareholdings in BEL. Simultaneously, there will be a cancellation of 5.99% of the shareholding of each BEL shareholder, resulting in a reduction of BEL’s issued and paid-up share capital.
It is important to note that fractional shares will not be issued under the Scheme. Instead, all fractional shares will be consolidated into whole shares, which will be issued to any of the company’s directors. These directors will then be entrusted to sell the consolidated shares and donate the proceeds, after deducting related expenses, to a charitable institution.
A separate notice will be issued to inform shareholders about the book closure for the issuance of shares under the Scheme. The guidelines provided by the Central Depository Company (CDC), Pakistan Stock Exchange (PSX), and the share registrar will be followed in this process.
Furthermore, the board of directors has authorized Mr. Mohammad Salim and Mr. Muhammad Shaheen, directors of Bhanero Textile Mills Ltd, to complete the necessary legal and regulatory compliance in accordance with the Scheme sanctioned by the Court. The authorized directors may delegate their powers to suitable individuals as they deem appropriate for the aforementioned purpose.
It is worth mentioning that the stock symbol of Bhanero Textile Mills Ltd, identified as ‘BHAT,’ will remain unchanged. This development marks a significant step forward for the company, as it seeks to strengthen its position in the industry through strategic restructuring.
Board Meeting in Progress of Engro Corporation Limited
Karachi, Engro Corporation Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company scheduled to be held on March 16, 2023 at Karachi to consider certain corporate actions. is in progress.
Engro Corporation Limited was incorporated in Pakistan as a Public Listed Company. It is a subsidiary of Dawood Hercules Corporation Limited, which is the parent Company. The principal activity of the Company is to manage investments in subsidiary companies, associated companies and joint venture, engaged in fertilizers, PVC resin manufacturing and marketing, food, energy, development and operations of telecommunication infrastructure, LNG, Chemical terminal and storage businesses.
The Shares of the Company are 576,163,230. The Earnings pee shares of the company is 28.29 in 2020 which was 24.83 in 2019. The Company had a Profit of Rs. 16,301,478,000 in 2020 which was 14,303,318,000 in 2019.
Election of Directors of Pakistan Services Limited
Karachi, Pakistan Services Limited informed Pakistan Stock Exchange about election of directors for next three years in the extraordinary general meeting held on March 16, 2023 at Karachi.
“Pakistan Services Limited was incorporated on 06 December 1958 in Pakistan as a public limited company. The Company is principally engaged in the hotel business and owns and manages the chain of Pearl Continental Hotels. The Company also owns one small sized property in Lahore operating under the budget hotel concept. The Company also grants franchise to use its trade mark and name “Pearl Continental”.
The Company is listed on Pakistan Stock Exchange with a large number of shares that are 32,524,250. The Earnings per shares of the Company is (53.62) in 2020 which was (26.55) in 2019. The Company had a loss of Rs. 1,744,014,000 in 2020 which was (863,398,000) in 2019.”
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Board Meeting in Progress of Hallmark Company Limited
Karachi, Hallmark Company Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company scheduled to be held on March 08, 2023 at Karachi to consider half yearly Accounts for the period ended December 31, 2022 is in progress.
“Hallmark Company Limited (formerly “Hallmark Insurance Company Limited”) was incorporated as a Public Limited Company on 31 October 1981. The Company was engaged in general insurance business.
The total numbers of shares are 500,000. The earnings per share is 0.48 in 2021 which was 0.77 in 2020. The Profit after taxation is 239,000 in 2021 which was 383,000 in 2020.”
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