Karachi: Shareholders of Trust Securities & Brokerage Ltd. convened for the company's 33rd Annual General Meeting on October 26, 2026, where significant resolutions were approved. The meeting, held at the Business & Finance Centre in Karachi, addressed both ordinary and special business matters, reflecting the company's strategic ambitions and compliance with regulatory frameworks.
The meeting commenced with the confirmation of the Minutes from the Extraordinary General Meeting held on April 1, 2026. The shareholders authorized the Chairperson to sign these minutes as a token of confirmation. Following this, the Annual Audited Financial Statements for the fiscal year ending June 30, 2026, along with the accompanying Auditors' and Directors' Reports, received approval and adoption.
A key resolution involved the re-appointment of M/s Reanda Haroon Zakaria Aamir Salman Rizwan & Company as statutory auditors for the fiscal year 2026-2027. This decision reaffirms the company's commitment to maintaining rigorous financial oversight.
In special business, the shareholders granted approval to increase the company's authorized share capital from Rs. 750.00 million to Rs. 1.00 billion. This increment, aimed at enhancing the company's financial flexibility, necessitates amendments to the company's Memorandum and Articles of Association. These changes will ensure that any issued ordinary shares will carry equal voting rights and rank pari passu with existing shares.
Additionally, Trust Securities & Brokerage Ltd. secured shareholder approval to pursue Virtual Asset Services, pending requisite authorizations from the Pakistan Virtual Assets Regulatory Authority (PVARA) and other regulatory bodies. According to information available from the Pakistan Stock Exchange (PSX), this move positions the company to apply for a licence to offer Broker-Dealer Services related to Virtual Assets. The company plans to explore additional service categories as approved by its Board of Directors and permitted by PVARA.
Moreover, the meeting addressed the potential establishment of a Special Purpose Acquisition Company (SPAC). Shareholders gave the green light to the company's plans to sponsor and invest in a SPAC as a public limited company. The SPAC would aim to raise funds through public offerings, primarily to support mergers, acquisitions, or other business combinations, in compliance with the Public Offering Regulations, 2017.
The Board of Directors was authorized to determine the SPAC's structure and shareholding, ensuring alignment with applicable laws and regulations. The meeting concluded with the ratification of all prior actions taken by the company's leadership in relation to these resolutions.
The resolutions passed during this meeting reflect Trust Securities & Brokerage Ltd.'s strategic focus on capital expansion and innovation within the financial services sector.