Karachi: OLP Services Pakistan (Private) Limited (OSPL), the management company of OLP Modaraba, has received official approval from the Securities and Exchange Commission of Pakistan (SECP) Registrar Modaraba for the election of its Board of Directors and appointment of its Chief Executive Officer (CEO). The approval, communicated through a letter dated June 8, 2026, and received on June 11, 2026, confirms the leadership structure for the next three years.
The election of directors occurred on May 8, 2026, complying with Modaraba Regulations 2021, which necessitate SECP Registrar Modaraba’s endorsement. The approval process began with an application submitted on April 28, 2026, under clause 26(1) (b) of the Modaraba Regulations 2021. The application aimed to gain clearance for the directors and the CEO to participate in the election.
According to information available from the Pakistan Stock Exchange (PSX), the newly approved directors include Mr. Shaheen Amin as Director and Chairman, Mr. Waqas Ahmad Khwaja as Chief Executive Officer and Managing Director, along with Directors Mian Faysal Riaz, Mr. Yacoob Suttar, Ms. Nosheen Iqbal, Mr. Ramon Alfrey, and Independent Director Mr. Ahmad Kamal.
Initially serving as the Acting CEO, Mian Faysal Riaz held the position until Mr. Waqas Ahmad Khwaja’s approval was confirmed. With the SECP’s endorsement, Mr. Khwaja assumes his role officially as CEO and Managing Director, leading the company’s strategic direction for the upcoming three years.
The appointment and election of directors align with the Listed Companies (Code of Corporate Governance) Regulations, 2019, which mandate that at least two or one-third of a company’s board members, whichever is higher, must be independent directors. This regulatory compliance ensures adherence to corporate governance standards.
OLP Services Pakistan (Pvt) Limited, through these strategic leadership appointments, aims to reinforce its operational framework, adhering to the regulatory guidelines set forth for Modaraba companies.