KARACHI: Progressive Insurance Company Limited has announced that its thirty-eighth Annual General Meeting (AGM) will take place on August 12, 2025, at 10:00 A.M. The meeting will be held at the company's office located at Japan Plaza, M. A. Jinnah Road, Karachi. Shareholders will convene to address various items on the agenda, including key financial and strategic decisions.
The ordinary business scheduled for the meeting includes the confirmation of the minutes from the previous AGM held on September 20, 2024. Shareholders will also review and adopt the audited accounts for the year ending December 31, 2024, along with the accompanying Directors' and Auditors' reports. Another agenda item involves the appointment of auditors and the determination of their remuneration for the fiscal year ending December 31, 2025.
A significant highlight of the meeting will be the discussion and potential approval of a special business proposal to enhance the company's paid-up capital through means other than a rights issue. The existing paid-up capital of Rs. 161.50 million is proposed to increase by Rs. 200 million. Additionally, there is a proposal to augment the authorized capital from Rs. 200 million to Rs. 2.50 billion. This increase would involve the issuance of 250 million ordinary shares, each valued at Rs. 10.
According to information available from the Pakistan Stock Exchange (PSX), the proposal to issue right shares at Rs. 1.25, with a discount of Rs. 8.75, is subject to approval by the Securities and Exchange Commission of Pakistan (SECP). The meeting will also consider the necessary amendments to Clause V of the Memorandum of Association and Article 4 of the Articles of Association to reflect the changes in authorized capital.
The proposed changes aim to provide the company with greater flexibility in its capital structure and enhance its financial capabilities. It is anticipated that these strategic financial decisions will be approved by the shareholders, facilitating Progressive Insurance Company's growth objectives. Following the AGM, the company secretary, with the board of directors' approval, will complete the requisite formalities related to these resolutions.