Data Textiles Limited Board to Discuss Company Dissolution as per Lahore High Court Order

Karachi, Data Textiles Limited has announced that a meeting of its Board of Directors will be held on May 29, 2023, at the company's registered office. The primary agenda of the meeting is to discuss and resolve the dissolution of the company, in accordance with the Lahore High Court's order dated April 26, 2023, without winding up.

The decision to dissolve the company without winding up follows the court order, indicating a significant development for Data Textiles Limited. The Board of Directors will convene to deliberate on the required steps and procedures for implementing the dissolution process in compliance with the court's directives.

To facilitate the smooth execution of the dissolution proceedings, Data Textiles Limited has declared a closed period from May 24, 2023, to May 29, 2023, inclusive. This closed period, in accordance with Rule 5.6.4 of the rulebook of the Pakistan Stock Exchange Limited, prohibits any directors, CEO, or executives of the company from dealing, directly or indirectly, in the shares of the company during this timeframe.

Shaheen Insurance Company Calls Extraordinary General Meeting for Election of Directors

Karachi, Shaheen Insurance Company Limited has announced an Extraordinary General Meeting (EOGM) scheduled to be held on June 15, 2023, in Karachi. The primary agenda of the meeting is to conduct important business, including the election of seven directors for the company, as fixed by the Board in its meeting held on May 03, 2023.

According to the provisions of Section 159(1) of the Companies Act, 2017, the election of directors plays a crucial role in shaping the future direction and governance of Shaheen Insurance Company Limited. The board has identified seven positions for directors, and the elected individuals will serve a three-year term commencing from June 11, 2023.

The EOGM provides an opportunity for shareholders to actively participate in the decision-making process of the company and exercise their voting rights to elect the most suitable candidates for directorship. It ensures that the board represents a diverse range of expertise and experience to effectively oversee the company's operations and strategy.

Indus Dyeing and Manufacturing Company Calls Extraordinary General Meeting for Election of Directors

Karachi, Indus Dyeing and Manufacturing Company Limited has announced that an Extraordinary General Meeting (EOGM) will be held on June 15, 2023, in Karachi. The purpose of the meeting is to conduct important business, including the election of ten directors for the company's next three-year term, as fixed by the Board of Directors.

According to the provisions of Section 159 of the Companies Act, 2017, the retiring directors who are eligible for re-election will be considered for the directorship positions. The election of directors plays a crucial role in shaping the future direction of Indus Dyeing and Manufacturing Company Limited and ensuring effective governance.

As part of the notice circulated to the members of the company, a Statement of Material Facts has been provided, as required under Section 166(3) of the Companies Act, 2017. This statement outlines the relevant details concerning the selection process of Independent Directors, emphasizing transparency and compliance with corporate governance principles.

GlaxoSmithKline Pakistan Confirms Minutes of Annual General Meeting and Appoints Directors for Three-Year Term

Karachi, GlaxoSmithKline Pakistan Limited recently held its Annual General Meeting on May 24, 2023. The draft minutes of the meeting highlight several important resolutions and decisions made by the company.

Firstly, it was resolved that the minutes of the 75th Annual General Meeting, held on April 25, 2022, were confirmed and approved by the members present.

Additionally, the audited accounts of GlaxoSmithKline Pakistan Limited for the year ended December 31, 2022, along with the Directors' and Auditors' reports, were approved and adopted.

Furthermore, Messrs. Yousuf Adil, Chartered Accountants, were appointed as the auditors of the company for the fiscal year ending on December 31, 2023, by a majority of the shareholders present.

During the meeting, the Chairman informed the members that, as per the provisions of Section 159 (I) of the Companies Act, 2017, the number of directors fixed by the Board would be seven.

Since the number of individuals offering themselves for election was equal to or less than the fixed number of directors, the Chairman declared that all the nominated individuals had been elected as directors for a period of three years. This three-year term will commence immediately following the conclusion of the 76th Annual General Meeting.

Atlas Asset Management Investment Committee to Consider Interim Distribution for Multiple Funds

Karachi, Atlas Asset Management Limited (AAML), the management company overseeing various funds including Atlas Money Market Fund (AMF), Atlas Sovereign Fund (ASF), Atlas Income Fund (AIF), Atlas Islamic Money Market Fund (AIMF), and Atlas Islamic Income Fund (AllF), has announced that a meeting of the Investment Committee (IC) will take place on May 26, 2023. The primary agenda of the meeting is to deliberate and approve the interim distribution, if any, for the aforementioned funds on behalf of the Board of Directors.

The Investment Committee, functioning under the authority delegated by the Board of Directors of AAML, plays a crucial role in determining the distribution of the funds. The committee members will evaluate the current financial performance and other relevant factors to determine whether an interim distribution should be made.

Unit holders of the funds will be eligible for the interim distribution, if approved by the Investment Committee, provided their names are listed in the Register of Unit holders as of the close of business on May 25, 2023. The distribution decision will be communicated to the unit holders, ensuring transparency and timely dissemination of information.

Packages Limited Executive Syed Babar Ali Acquires 11,400 Shares in Recent Transaction

Karachi, Packages Limited, a leading packaging and paperboard company, has announced that its executive, Syed Babar Ali, has executed a recent transaction involving the acquisition of shares in the company. The details of the transaction are as follows:

Name: Syed Babar Ali (Executive)

Date: May 22, 2023

Nature: Buy

Number of Shares: 11,400

Rate: 396.69

Form of Share Certificates: CDC

Market: Ready

Syed Babar Ali's acquisition of 11,400 shares in Packages Limited demonstrates his confidence and belief in the company's future prospects. As an executive of the company, his investment showcases a strong commitment to the organization's growth and long-term success.

JS Bank Extends Book Closure Dates for Determining Entitlement of 17% Right Shares

Karachi, JS Bank Limited has announced that it will be extending the Book Closure dates, which were previously announced, in order to determine the entitlement of 17% Right Shares. This decision is in accordance with the requirements of the Companies (Further Issue of Shares) Regulations, 2020.

The revised dates for the Book Closure, which will determine the entitlement of the aforementioned 17% Right Shares, will be communicated by JS Bank Limited after consulting with the Pakistan Stock Exchange. The extension of the Book Closure dates is aimed at ensuring compliance with regulatory obligations and providing sufficient time for shareholders to assess their entitlements.

Executive of Nimir Industrial Chemicals Sells and Buys Shares in Multiple Transactions

Karachi, In accordance with Regulation No. 5.6.l(d) of The Pakistan Stock Exchange Limited, Nimir Industrial Chemicals Limited has provided information regarding share transactions conducted by one of its executives. The details of these transactions are as follows:

Transaction Details:

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 1,000

Rate per Share: 84.50

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 2,000

Rate per Share: 84.70

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 1,000

Rate per Share: 84.96

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 1,000

Rate per Share: 84.97

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 1,000

Rate per Share: 84.97

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 2,000

Rate per Share: 84.97

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 1,000

Rate per Share: 82.99

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 1,000

Rate per Share: 84.00

Form of Share Certificates: Electronically - CDC

Name: Salman Azmat

Date: May 23, 2023

Nature of Transaction: Buy

Number of Shares: 1,000

Rate per Share: 80.50

Form of Share Certificates: Electronically - CDC

These share transactions by Salman Azmat, an executive of Nimir Industrial Chemicals Limited, indicate his activity in the stock market and potential adjustments in his shareholding. The sale and subsequent purchase of shares may reflect the executive's personal investment decisions or other strategic considerations.

Independent Director of Interloop Limited, Saeed Ahmad Jabal, Executes Multiple Share Purchases

Karachi, Interloop Limited has reported that Saeed Ahmad Jabal, an Independent Director of the company, recently carried out several transactions involving the purchase of shares. The details of the transactions are as follows:

Transaction Details:

Name: Saeed Ahmad Jabal (Independent Director)

Date of Transaction: May 18, 2023

Nature of Transaction: BUY

Number of Shares: 375

Rate: 48.30

Form of Share Certificates: CDC (Central Depository Company)

Market: Ready

Name: Saeed Ahmad Jabal (Independent Director)

Date of Transaction: May 22, 2023

Nature of Transaction: BUY

Number of Shares: 1125

Rate: 47.75

Form of Share Certificates: CDC (Central Depository Company)

Market: Ready

Name: Saeed Ahmad Jabal (Independent Director)

Date of Transaction: May 23, 2023

Nature of Transaction: BUY

Number of Shares: 250

Rate: 47.50

Form of Share Certificates: CDC (Central Depository Company)

Market: Ready

United Bank Limited Announces Resignation of Muhammad Jawaid Iqbal as Non-Executive Director and Appoints Irfan A. Sheikh as Replacement

Karachi, In a significant development, Mr. Muhammad Jawaid Iqbal, who recently took up the prestigious position of President & CEO of United Bank Limited (UBL), has resigned from his previous role as non-executive elected Director of UBL. The decision comes as Mr. Iqbal focuses his attention on leading the bank towards new heights of success in his new capacity.

To fill the ensuing vacancy, the Board of Directors of UBL has unanimously approved the appointment of Mr. Irfan A. Sheikh as the new Non-Executive Director on the Board of Directors, effective immediately. However, this appointment is subject to various regulatory clearances and approvals, including Mr. Sheikh's FPT clearance by the State Bank of Pakistan.

Director of Cherat Cement Company Executes Sale of 120,000 Shares

Karachi, Cherat Cement Company Limited has disclosed that Mr. Arif Dino Faruque, a Director of the company, recently carried out a significant transaction involving the sale of shares. The details of the transaction are as follows:

Transaction Details:

Name: Mr. Arif Dino Faruque

Date of Transaction: May 23, 2023

Nature of Transaction: Sell

Number of Shares: 120,000

Rate: 116.5709

Form of Shares: CDC (Central Depository Company)

Market: Ready