Karachi: Shareholders of Bank Alfalah Limited convened for the 33rd Annual General Meeting on March 20, 2025, where several significant resolutions were passed, reflecting the bank’s strategic direction and financial commitments.
The meeting confirmed the minutes of the Extra-Ordinary General Meeting held on May 27, 2024, in Karachi. In addition, shareholders approved a leave of absence for H.H. Sheikh Nahayan Mabarak Al Nahayan, Mr. Abdulla Nasser Hawaileel Al Mansoori, and Mr. Gyorgy Tamas Ladies, directors of Bank Alfalah Limited, for the current AGM.
The financial statements for the year ending December 31, 2024, were received and adopted. These included the audited unconsolidated and consolidated statements of financial position, profit and loss account, and other financial documents. The remuneration for non-executive directors, as detailed in Note 42 of the Annual Accounts, was also approved.
According to information available from the Pakistan Stock Exchange (PSX), Bank Alfalah will distribute a final cash dividend of Rs. 2.5 per share, adding to the previously paid interim cash dividends, bringing the total dividend to Rs. 8.5 per share for the year. This dividend is payable to shareholders listed on the Register of Members as of March 11, 2025.
The AGM also saw the appointment of M/s. A. F. Ferguson & Co. (PWC) as the statutory auditors for 2025, with a fee of PKR 47.14 million, excluding applicable taxes and other expenses. The firm will handle new certification and review requirements, including tax consultations and IFRS-9 engagements.
In a strategic move, the bank was authorized to sell its entire 95.59% shareholding in its subsidiary, Alfalah Securities, to Optimus Capital Management (Private) Limited for PKR 313.04 million, subject to adjustments based on net equity at the closing date. The bank’s representatives were empowered to execute all necessary actions to complete this transaction.
The resolutions and actions taken by the bank’s authorized representatives and board of directors received full approval, ratification, and confirmation by the shareholders, reinforcing the bank’s commitment to its strategic objectives.