Month: March 2024

Karachi, In a significant move, Standard Chartered Bank Pakistan Limited (SCBPL) has disclosed key resolutions passed during its 18th Annual General Meeting (AGM) on March 28, 2024, in accordance with the requirements set by the Pakistan Stock Exchange's Rule Book clause 5.6.9 (b). The meeting focused on the adoption of audited financial statements, the reappointment of auditors, the declaration of dividends, the innovative transmission of annual accounts, and the approval of a revised directors' remuneration policy.

The shareholders approved the audited financial statements for the year ended December 31, 2023, thereby endorsing the bank's financial performance and operations for the past year. This approval reflects the confidence of the shareholders in the bank's governance and financial health.

Further, the AGM saw the reappointment of M/s EY Ford Rhodes as the bank's auditors for 2024. This decision underscores the continuity and trust in the auditing services provided by EY Ford Rhodes, ensuring compliance and financial transparency for the upcoming year.

A notable financial decision made during the meeting was the declaration of a final cash dividend of Rs. 2.50 per share, in addition to the 65% cumulative interim cash dividend already paid for the year 2023. This move signifies the bank's robust financial position and its commitment to delivering value to its shareholders.

In a stride towards modernization, SCBPL has decided to circulate its annual audited financial statements and related documents through a QR code and weblink, aligning with the requirements under SECP's Notification S.R.O. 389(1)/2023. This innovative approach emphasizes the bank's dedication to embracing technological advancements for efficient communication with its members.

Lastly, the AGM concluded with the approval of a revised Directors' Remuneration Policy, which had been recommended by the Board of Directors. This resolution ensures that remuneration practices are aligned with the bank's strategic goals and governance standards, fostering a culture of performance and accountability.

These decisions mark significant steps towards SCBPL's commitment to corporate governance, financial integrity, and shareholder value. The bank continues to navigate the financial landscape with a focus on innovation, transparency, and sustainable growth.

Karachi, The HBL Growth Fund, a close-end mutual fund listed on the Pakistan Stock Exchange, has declared a distribution of 12% for the period of January-February 2024. The fund, trading under the symbol HGFA, closed with a daily weighted average rate of Rs. 7.06. With a paid-up capital of Rs. 2,835.00 million, the fund has been a significant player in the market since its listing in 1980. The previous book closure was on June 7th, highlighting its continued performance in the financial market. Despite not disclosing the Earnings Per Share (EPS) for 2022/2023, the fund's performance indicates a positive trend for its investors.

Lahore, Nimir Industrial Chemicals Limited (NICL) has announced a commendable dividend distribution of 25%, an increase from the previous year's 20%, alongside a 10% interim dividend. The company showcased a significant earnings per share of 16.62 for the January-February 2024 period. With a paid-up capital of 1,105.90 million rupees, NICL's stock price reached 99.17 rupees. Since its 1996 listing, the company has consistently been a key player in the chemical industry, underlined by its solid financial performance and active trading presence on the Pakistan Stock Exchange.

Karachi, The Tri-Star Mutual Fund NC, listed on the Pakistan Stock Exchange under the symbol TSMF, has faced a challenging period with an Earnings Per Share (EPS) of -3.26 for January-February 2024. With a much smaller paid-up capital of Rs. 50.00 million compared to its counterparts, the fund did not announce any distribution for this period. Since its listing in 1994, the fund has navigated through various market conditions. The absence of any distribution and the negative EPS highlights the difficulties encountered in the recent financial period. The fund's performance underscores the volatile nature of investment markets and the potential risks involved.

Lahore, Nimir Resins Ltd (NRSL), engaged in the production of chemical resins, reported an earnings per share of 2.73 for the January-February 2024 period. Although the company has not declared any dividends for the current and previous years, its stock price was noted at 19.60 rupees. With a listing year of 1992 and a paid-up capital of 1,413.21 million rupees, Nimir Resins maintains a significant position in the market, reflected through its consistent trading activity and financial stability.

Karachi, B.F. Modaraba (BFMOD), another entity under the modarabas sector on the Pakistan Stock Exchange, experienced a downturn, reporting an earnings per share (EPS) of -Rs. 0.80 for the period of January-February 2024. Since its listing in 1989, the company faced challenges in the recent period, as indicated by the negative earnings. BFMOD, with a paid-up capital of Rs. 75.15 million, did not announce any distributions for its shareholders for the fiscal year 2022-2023.

Karachi, Pakistan Oxygen Limited (PAKOXY), a leading provider of industrial and medical gases, declared a 25% bonus dividend and reported an impressive earnings per share of 7.17 for the January-February 2024 period. The company's share price stood at 77.39 rupees, with a paid-up capital of 871.24 million rupees. Since its inception in 1958, Pakistan Oxygen has demonstrated sustained growth and a strong presence in the industry, underscored by its consistent financial performance and active engagement on the Pakistan Stock Exchange.

Karachi, Elite Capital Modaraba 1st (FECM) reported a loss, with an earnings per share of -Rs. 0.62 for January-February 2024. With a paid-up capital of Rs. 113.40 million, the company, which has been part of the Pakistan Stock Exchange since 1992, did not declare any dividends for the fiscal year 2022-2023, reflecting a challenging period for the entity.