Karachi, In a recent meeting held on August 31, 2023, the Board of Directors of First Dawood Investment Bank Ltd. (FDIBL) made several significant resolutions that will mark a transformation in the company's business operations and corporate identity.

The Board of Directors has resolved to exit the 'Non-Banking Finance Company' (NBFC) sector, which is currently regulated by the 'Specialized Companies Division' (SCD) of the Securities and Exchange Commission of Pakistan (SECP). Instead, FDIBL will transition to operate as a normal listed company. This change will result in a shift in the company's principal line of business, aligning with Section 32 of the Companies Act, 2017.

Furthermore, the company's name will undergo a transformation, changing from "First Dawood Investment Bank Limited" to "Dawood Company Limited" in accordance with Section 12 of the Companies Act, 2017.

In addition to these resolutions, FDIBL's members have approved changes to the Memorandum of Association of the Company. This includes the replacement of the existing object clause III and Sub-clauses numbered 1 to 56. These changes are subject to approval from the Securities and Exchange Commission of Pakistan (SECP).

Despite these transformations, FDIBL has assured its commitment to fulfilling its outstanding loans and liabilities over time, either as mutually agreed with its lenders or in accordance with the agreed-upon terms. The company also intends to recover its outstanding loans, leases, and other financial obligations as per executed agreements with its borrowers, with legal recourse available in case of defaults.

Additionally, FDIBL will continue to manage trustee business for certain outstanding or defaulted Term Finance Certificates (TFCs) and Sukuks, with the approval of the SECP or through legal processes, unless a new trustee agrees to take over the business, with the mutual consent of the issuer(s) and respective investors.

To facilitate these changes and ensure a smooth transition, representatives of the company, duly authorized by the Board of Directors, will prepare, finalize, execute, and file all necessary documents. They will also take any required steps and actions and liaise with regulatory authorities to ensure compliance and approvals.

The culmination of these resolutions and the transition to a new corporate identity will be further discussed at the Annual General Meeting of the Company, which is scheduled to be held on October 02, 2023, at the company's registered office in Karachi. Shareholders and stakeholders are expected to attend this crucial meeting to gain insights into the future direction of FDIBL, now Dawood Company Limited.