Karachi: Century Insurance Company Limited has announced that it will convene its 39th Annual General Meeting on April 29, 2025, at 3:00 p.m. The meeting, scheduled to take place at the ICAP Auditorium in Clifton, Karachi, will also be accessible via electronic means, allowing shareholders to participate through a video link facility.
The meeting's agenda includes the presentation and adoption of the company's audited financial statements for the year ending December 31, 2024. Shareholders will review the Directors’ and Auditors’ reports, marking a critical assessment of the company's financial performance and governance over the past fiscal year. The financial statements have been made available on the company's website, offering stakeholders easy access to the documents.
Shareholders will also deliberate on a proposed final cash dividend of 60%, equating to Rs.6.00 per share of Rs.10.00 each, as recommended by the Board of Directors. This decision, pending approval, is set to directly impact shareholders’ returns and reflects the company's financial strategy and current market positioning.
Additionally, the meeting will appoint auditors and determine their remuneration for the upcoming fiscal year. This routine yet significant process ensures the integrity and transparency of the company’s financial reporting and auditing activities.
A notable item on the agenda is the proposal to increase the company's authorized capital from Rs.700.00 million to Rs.1.20 billion. This increase, involving the creation of 50 million new shares of Rs.10 each, requires an amendment to the Memorandum and Articles of Association.
The meeting will also address special resolutions concerning transactions with associated companies and related parties. According to information available from the Pakistan Stock Exchange (PSX), these transactions are detailed in the company’s audited financial statements under Note Nos. 34 and 30, covering both Conventional and Window Takaful Operations.
Shareholders will be asked to ratify these transactions and provide authorization for the Chief Executive Officer to oversee and approve similar transactions for the upcoming year ending December 31, 2025. This authorization aims to facilitate operational efficiency and ensure compliance with corporate governance standards.
Century Insurance Company Limited operates within the designated market category of the insurance sector. The decisions and resolutions made during this meeting will play a crucial role in shaping the company’s strategic direction for the coming year.