Karachi: Shareholders of United Bank Limited (UBL) convened for the 66th Annual General Meeting on March 19, 2025, approving a series of resolutions that included financial statements, dividend payments, auditor appointments, and strategic financing initiatives.

In ordinary business, the shareholders confirmed the minutes of the Extraordinary General Meeting held on December 30, 2024. The meeting proceeded with the adoption of the Annual Audited Financial Statements, both standalone and consolidated, for the year ending December 31, 2024. These statements were presented alongside the Directors' and Auditors' Reports, as well as the Chairman's Review.

A significant resolution passed involved the approval of a final cash dividend of Rs.11 per share, representing a 110% payout for the year ended December 31, 2024. This is in addition to the 330% interim dividend already declared and paid for the same financial year.

The re-appointment of M/s. EY Ford Rhodes, Chartered Accountants, as the statutory auditors of the bank for the year 2025 was also ratified. The auditors will provide audit services at a fee of PKR 20.00 million, and non-audit services at PKR 30.00 million, excluding applicable taxes and actual out-of-pocket expenses.

In the realm of special business, the shareholders approved resolutions related to the Proposed Sukuk Issuance or Proposed Term Finance Certificate (TFC) Issuance. These financial instruments are to be issued under Section 83(1)(b) of the Companies Act, 2017, subject to necessary regulatory approvals from the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP). This strategic move is designed to bolster the bank's Tier I Capital under the Basel III framework.

According to information available from the Pakistan Stock Exchange (PSX), the issuance may involve up to 60 million ordinary shares of the bank, each having a face value of PKR 10. These shares may be issued upon the conversion of the Sukuk or TFC, depending on the regulatory approvals and fulfillment of requisite formalities.

The meeting concluded with the authorization of top executives, including Mr. Muhammad Jawaid Iqbal, President and CEO, to finalize all necessary corporate and regulatory procedures related to these resolutions.