Chashma Sugar Mills Limited Gets SECP Nod for AGM Delay

<P> Karachi, Chashma Sugar Mills Limited has been allowed an extension by the Securities and Exchange Commission of Pakistan (SECP) for conducting its Annual General Meeting (AGM) for the year concluded on September 30, 2023. The company now has until February 27, 2024, to hold its AGM, as per the SECP’s directive. This extension provides Chashma Sugar Mills Limited with additional time to finalize and share its annual financial outcomes with its shareholders, aligning with regulatory requirements and ensuring full transparency. </P> 

BankIslami Pakistan Limited Ehad Sukuk Profit Payment Entitlement Determination: Transfer Books to Remain Closed

Karachi, BankIslami Pakistan Limited has issued a notice to shareholders and investors, announcing that the transfer books for the Ehad Sukuk, for the purpose of determining entitlement to profit payment as of September 30, 2023, will remain closed from September 29, 2023, to September 30, 2023, inclusive.

Shareholders and investors are advised that transfer requests must be received at CDC Share Registrar Services Limited, Head Office, located at CDC House, 99-B, Block “B”, S.M.C.H.S., Main Shahra-e-Faisal, Karachi, by the close of business on September 28, 2023. Transfer requests received by this deadline will be considered in time for the purpose of determining entitlement to profit payment for the transferees.

This announcement underscores the importance of adhering to the specified dates and procedures for those holding BankIslami Pakistan Limited Ehad Sukuk, as it will impact their eligibility for profit payments. The bank encourages all relevant parties to ensure timely compliance with these guidelines to avoid any disruption in the process of determining entitlement to profit payments on September 30, 2023.

AGP Limited to Host Corporate Briefing Session on Financial Results for June 2023

Karachi, AGP Limited, a leading pharmaceutical company, has announced its plans to conduct a Corporate Briefing Session (CBS) to provide investors and analysts with a comprehensive overview of the company’s financial performance for the period ending June 30, 2023.

Scheduled for Wednesday, September 20, 2023, at 03:30 PM, the CBS will take place at the Institute of Chartered Accountants of Pakistan (ICAP), situated on Chartered Accountants Avenue in Clifton, Karachi. Additionally, AGP Limited will offer a video link facility for remote participation in the briefing.

Investors and analysts interested in attending the CBS via the video link are required to complete their registration by sending an email to corp.affairs@agp.com.pk with the subject line “Registration for AGP CBS” before the close of business on September 19, 2023.

The company will share the video link to join the CBS exclusively with those who have registered and provided the required particulars to corp.affairs@agp.com.pk by the aforementioned deadline. This ensures that remote participants have full access to the briefing, allowing them to stay informed about AGP Limited’s financial results and strategies for the period.

AGP Limited’s CBS is expected to cover a wide range of topics, as indicated in the annexed table of contents included with the official notice. It is anticipated that the session will provide valuable insights into the company’s performance, its outlook for the future, and opportunities for potential investors and stakeholders.

This CBS serves as a crucial platform for AGP Limited to engage with its investors, analysts, and the financial community at large, fostering transparency and open communication about the company’s financial health and strategic direction.

Shareholders of Bestway Cement Limited Approve Resolutions in Annual General Meeting

Karachi, In a recent Annual General Meeting held on September 1, 2023, the shareholders of Bestway Cement Limited convened to discuss and approve key resolutions pertaining to the company’s financial performance and governance. The meeting, attended by a significant number of shareholders, concluded with unanimous approval of various resolutions.

The following resolutions were passed during the meeting:

1. Confirmation of Previous Meeting Minutes: Shareholders unanimously passed the first resolution, confirming the minutes of the Annual General Meeting held on October 7, 2022. The motion stated, “RESOLVED that the minutes of the Annual General Meeting of Bestway Cement Limited held on October 7, 2022 be and are hereby approved.”

2. Approval of Audited Accounts: The second resolution was related to the approval of the audited accounts for the year ending June 30, 2023, along with the Directors’ and Auditors’ Reports. The motion stated, “RESOLVED THAT the Audited Financial Statements of Bestway Cement Limited for the year ended June 30, 2023 together with Directors’ and Auditors’ Reports thereon be and are hereby approved and adopted.” Shareholders overwhelmingly supported this resolution.

3. Declaration of Dividends: Shareholders approved the third resolution, which declared a final cash dividend of 60% in addition to the 1.50% interim dividends already paid for the year ending June 30, 2023, as recommended by the Board of Directors. The resolution stated, “RESOLVED THAT Rs. 6 per share final dividend out of profit of the year ended June 30, 2023, in addition to 150% interim dividend already paid, be and is hereby approved.” This decision was met with positive reception by the shareholders.

4. Election of Directors: The fourth resolution pertained to the election of nine directors for the next three-year term, in accordance with the provisions of Section 159 of the Companies Act, 2017. Shareholders unanimously approved the motion, which named the following individuals as elected directors of the Company for a period of three years starting from September 1, 2023:

Sir Mohammed Anwar Pervez

Mr. Zatneer Mohammed Choudrey

Mr. Muhammad Irfatt Anwar Sheikh

Mr. Dawood Pervez

Mr., Mohammed You.:7z-7s Sheikh

Mr. Haider Zameer Choudrey

Ms. Fauzia Ahmad

Wu. Syed Asif Shah

Lt. Mr. Tariq Rashid

5. Appointment of Auditors: The final resolution centered on the appointment of auditors for the Company and fixing their remuneration for the year ending June 30, 2024. Shareholders approved this resolution, entrusting the responsibility of auditing the company’s financial statements for the upcoming fiscal year.

The successful passage of these resolutions demonstrates the continued confidence and support of Bestway Cement Limited shareholders in the company’s performance and governance. The management expressed its gratitude to the shareholders for their active participation in the meeting and their continued commitment to the company’s growth and success.

Lucky Core Industries Limited Announces Significant Share Transaction by Executive Director

Karachi, Lucky Core Industries Limited (LCIL) has disclosed a substantial share transaction executed by its Executive Director, Mr. Asif Jooma. The transaction took place on September 13, 2023, and involves the gifting of 1,500,000 shares within the company.

Details of the transaction are as follows:

Name of Person: Asif Jooma (Executive Director)

Date of Transaction: September 13, 2023

Nature of Transaction: Gift Out

Number of Shares: 1,500,000

Share Rate: $0.00

Form of Share Certificates: CDC (Central Depository Company)

Market: Not in Active trading (NIA)

This announcement comes as Lucky Core Industries Limited continues to maintain transparency in its financial operations and shareholding activities. Such disclosures ensure that shareholders and the public are informed about significant changes within the company’s ownership structure.

Hafiz Limited Board of Directors to Convene Meeting on October 3rd to Review Annual Accounts

Karachi, Hafiz Limited has announced that a meeting of the Board of Directors is scheduled to take place on October 3, 2023, at the company’s registered office in Karachi. The primary agenda of this meeting is to review the Annual Accounts for the fiscal year ending on June 30, 2023, and consider any entitlement declarations.

To facilitate this important meeting, Hafiz Limited has also instituted a “Closed Period” from September 27, 2023, to October 3, 2023. During this period, insiders, directors, and employees of the company are prohibited from trading in the company’s shares to ensure fairness and transparency in the financial review process.

The meeting holds significance for shareholders and stakeholders as it will determine any potential benefits or entitlements that may be offered based on the company’s financial performance over the past year. Hafiz Limited remains committed to adhering to corporate governance practices and maintaining open lines of communication with its investors.

As the meeting date approaches, the company anticipates sharing further details and outcomes of this critical board meeting with its stakeholders and the broader financial community.

Jubilee Life Insurance Announces Interim Cash Dividend Payment for 2023

Karachi, Jubilee Life Insurance Company Limited (Company) has disbursed the Interim Cash Dividend for the year 2023 at an impressive rate of Rs. 3.00 per share, equivalent to 30%, to its shareholders. The dividend payment, which applies to the half-year ended June 30, 2023, was electronically credited to the designated bank accounts of eligible shareholders on September 13, 2023. To qualify for this dividend, shareholders were required to submit their valid Computerized National Identity Card (CNIC) along with their 24-digit International Bank Account Numbers (IBAN).

The company has diligently adhered to the legal requirements and uploaded detailed information regarding the dividend payment, including the net credited amount, the number of shares held, total cash dividend, as well as any withholding tax and zakat deductions. This information is now accessible on the CDC Repository Web portal maintained by CDC Share Registrar Services Limited, as mandated by law. Shareholders seeking these details for record-keeping or tax purposes can access them in electronic form.

To facilitate electronic access to dividend information and streamline shareholder services, Jubilee Life Insurance encourages shareholders to register for e-Dividend at [https://eservices.cdcaccess.com.pk/public/investorRegistration.html] (https://eservices.cdcaccess.com.pk/public/investorRegistration.html).

In strict compliance with the Companies Act, 2017, and Companies (Distribution of Dividends) Regulations, 2017, the company has withheld the cash dividend for shareholders who have not provided their valid National Identity Card (CNIC) or complete bank account details, including the essential 24-digit IBAN.

For those affected shareholders, the withheld dividend amounts will be released and disbursed electronically within 15 days of receiving the requisite information.

Jubilee Life Insurance reaffirms its commitment to upholding regulatory standards and ensuring a transparent and efficient dividend distribution process for its valued shareholders.

Buxly Paints Limited Board Meeting Scheduled for September 23, 2023, to Discuss Audited Financial Statements and Entitlement Declaration

Karachi, Buxly Paints Limited (“The Company”) has announced that its Board of Directors will convene a crucial meeting on September 23, 2023, via video-link/Zoom. The primary agenda of this meeting is to review and approve the audited financial statements for the fiscal year ending June 30, 2023, and to consider any entitlement declarations.

In compliance with Clause 5.6.4 of the Pakistan Stock Exchange Regulations, the company has also declared a “Closed Period” from September 14, 2023, to September 23, 2023, inclusive. During this period, no Director, CEO, or Executive of the company will be permitted to engage in any form of trading involving the company’s shares, either directly or indirectly.

The Board Meeting holds significant importance for shareholders and investors, as it will provide insights into the financial performance of Buxly Paints Limited for the last fiscal year and potential entitlements for shareholders. It is expected that the meeting’s outcomes will play a pivotal role in shaping the company’s future strategies and investor sentiment.

The management of Buxly Paints Limited encourages all stakeholders to stay updated with official communications from the company and adhere to the regulations pertaining to the Closed Period. Further details and outcomes of the Board Meeting will be disclosed after the meeting’s conclusion on September 23, 2023.

AgriAuto Industries Limited Announces Annual General Meeting for Key Business Decisions

Karachi, AgriAuto Industries Limited has issued a notice regarding its upcoming 42nd Annual General Meeting, scheduled to take place on Monday, October 23, 2023, at 11:30 AM at the ICAP Auditorium in Karachi. The meeting will address several crucial matters pivotal to the company’s operations.

Key Agenda Items:

1. Review of Audited Accounts: The first item on the agenda is the review and adoption of the Audited Accounts for the fiscal year ending June 30, 2023. The Chairman’s Review Report, Directors’ Report, and Auditors’ Report will also be considered in this regard. These financial documents have been made available on the company’s website for shareholders’ reference.

2. Appointment of Auditors: Shareholders will vote to appoint auditors for the fiscal year 2023-24 and determine their remuneration. The Board Audit Committee and Board of Directors have recommended M/s. A.F. Ferguson & Co., Chartered Accountants, as auditors, replacing the retiring auditors, M/s. EY Ford Rhodes, Chartered Accountants.

3. Election of Directors: Seven directors are slated for election, as per the Board of Directors’ decision made during their meeting on August 25, 2023. These directors will serve a three-year term in accordance with Section 159(1) of the Companies Act, 2017. The list of retiring directors eligible for re-election includes:

Mr. Yutaka Arae

Mr. Fahim Kapadia

Mr. Hamza Habib

Mr. Sohail P. Ahmed

Ms. Ayesha T. Haq

Mr. Salman Burney

Share Transfer Books Closure: AgriAuto Industries Limited also announced the closure of Share Transfer Books from October 17, 2023, to October 23, 2023, both days inclusive. The final dividend will be disbursed to shareholders whose names appear in the Register of Members as of October 16, 2023.

This Annual General Meeting represents a crucial juncture for AgriAuto Industries Limited as it addresses key financial decisions and the composition of its board. Shareholders and stakeholders are encouraged to participate and exercise their voting rights in shaping the future of the company.

Berger Paints Pakistan Limited Board to Review 2023 Financials and Entitlement Declaration in Upcoming Meeting

Karachi, Berger Paints Pakistan Limited (“The Company”) has announced that its Board of Directors will convene via video-link/Zoom for a crucial meeting scheduled for September 22, 2023, at 3:00 p.m. at 36 Industrial Estate, Kot Lakhpat, Lahore. The primary agenda of the meeting is to deliberate upon and approve the Audited Financial Statements for the fiscal year ending on June 30, 2023. Additionally, the Board will consider any entitlement declaration, if applicable.

In accordance with Clause 5.6.4 of the Pakistan Stock Exchange Regulations, Berger Paints Pakistan Limited has also declared a “Closed Period” that will be in effect from September 13, 2023, to September 22, 2023, both dates inclusive. During this Closed Period, no Director, CEO, or Executive of the company is permitted to engage in any direct or indirect transactions involving the company’s shares.

This meeting marks a significant event in the company’s calendar, as it will provide crucial insights into Berger Paints Pakistan Limited’s financial performance for the year 2023, as well as potential entitlements for its stakeholders. The decisions made during this meeting are expected to have far-reaching implications for the company and its shareholders.

The management and stakeholders alike eagerly await the outcome of this board meeting, as it will provide a clearer picture of the company’s financial health and future prospects. Berger Paints Pakistan Limited continues to be a prominent player in the Pakistani paint industry, and the decisions made during this meeting will undoubtedly shape its path in the coming year.

Board Meeting of Globe Residency REIT Rescheduled to Discuss Year-End Financial Statements and Dividend

Karachi, Arif Habib Dolmen REIT Management Limited, the Management Company of Globe Residency REIT, has announced a change in the time for its upcoming Board of Directors meeting. Originally scheduled for Friday, September 15, 2023, at 3:30 p.m., the meeting will still take place on the same date but at a revised time.

The meeting will now convene on Friday, September 15, 2023. The venue remains unchanged, taking place at Arif Habib Centre, 23, M.T Khan Road, Karachi. During this meeting, the Board of Directors will deliberate on and approve the financial statements of the Scheme for the year ended June 30, 2023, and discuss the potential distribution of a final dividend.

In accordance with regulations outlined in clause 5.6.4 of the Rule Book of Pakistan Stock Exchange Limited, the Company declared a Closed period from September 09, 2023, to September 15, 2023, inclusive. This period restricts trading by insiders or individuals with sensitive information to ensure fair market practices.

Investors and stakeholders are advised to take note of the rescheduled meeting time and comply with all relevant regulations during the Closed period. Further updates on the meeting’s agenda and outcomes will be made available following the Board of Directors’ deliberations.

Pakistan Reinsurance Company Limited Delays Election of Directors Until April 2024 Following SECP Directive

Karachi, The Pakistan Reinsurance Company Limited (PRC) has announced the postponement of the election of directors, extending the timeline to April 30, 2024. The decision comes in response to a directive from the Securities and Exchange Commission of Pakistan (SECP) CRO-Karachi.

The SECP, acting under Section 158 (3) of the Companies Act, 2017, has directed PRC to hold the election of directors in accordance with relevant provisions of the Act and allied laws, rules, and regulations made thereunder.

This postponement follows a previous letter issued by PRC on March 8, 2023 (Ref No. PRC/CS/2023/3/1), in which the company had initially addressed the matter.

PRC assures stakeholders that it will provide updates on any further developments related to the election of directors.