Karachi: Jubilee General Insurance Company Limited has announced its 72nd Annual General Meeting (AGM) scheduled for April 25, 2025, at 9:00 a.m. The meeting will take place at the company’s registered office on Chundrigar Road, Karachi, and will also be accessible via Zoom to accommodate broader participation.
The key items on the agenda include the reception, consideration, and adoption of the company’s annual audited financial statements for the year ending December 31, 2024, accompanied by the Auditors’ and Directors’ Reports. Shareholders will also deliberate on the proposal to disburse a final cash dividend of 55%, equating to Rs 5.5 per ordinary share, as suggested by the Board of Directors.
Another significant agenda is the reappointment of M/s. KPMG Taseer Hadi and Company, Chartered Accountants, as the company’s auditors for the year ending December 31, 2025, with the responsibility to fix their remuneration.
In terms of special business, the AGM will consider authorizing investments, as per Section 199 of the Companies Act, 2017, for both Jubilee General Insurance Company Limited and Jubilee General Window Takaful Operations. The proposed investment includes Rs. 300 million each for Jubilee General Insurance and Rs. 10 million each by the Operator’s Fund alongside Rs. 12 million each by the Participants’ Fund. This investment will be directed towards acquiring ordinary shares from associated companies, including Cherat Packaging Limited, Cherat Cement Company Limited, Crescent Steel and Allied Products Limited, Indus Motor Company Limited, Pakistan Cables Limited, Meezan Bank Limited, and International Steels Limited. The acquisitions will be executed at prevailing market prices over the next three years.
According to information available from the Pakistan Stock Exchange (PSX), these strategic investments align with Jubilee’s objective to expand and diversify its portfolio within the designated market category.
The AGM will also address participation guidelines due to the Securities and Exchange Commission of Pakistan (SECP) regulations. Members are encouraged to join electronically or physically, with provisions for proxy representation. Electronic participation requires registration by April 24, 2025, through the company’s designated email.
Voting on special agenda items will be facilitated through a postal ballot and e-voting, in compliance with the Companies (Postal Ballot) Regulations, 2018, as updated in December 2022. Members with valid CNIC numbers, cell numbers, and email addresses registered with the company will receive e-voting details in due course.