Karachi, Security Investment Bank Limited has formally communicated significant changes in its directorship through a statement released in accordance with the Securities Act, 2015, Clause 5.19.13(c) of the PSX Rule Book, and the Listing Regulation No. 35 of the Code of Corporate Governance. The announcement highlights decisions taken by the Company's Board of Directors in its meeting held on August 7, 2023.

The key resolutions made during the meeting are as follows:

1. Acceptance of Resignation: The Board of Directors has accepted the resignation of Mr. M Azam Khan Ghouri as an Independent Director of Security Investment Bank Limited. This decision reflects his departure from the board and the consequent cessation of his directorship role.

2. Appointment of Independent Director: In response to the vacancy created by Mr. Ghouri's resignation, the Board has approved the appointment of Mr. Tanveer Farhan Mehmood as an Independent Director. However, the appointment is subject to approval from the competent authority. This move is aimed at ensuring the continuity of expertise and experience within the board.

3. Regulatory Compliance: To fulfill the necessary regulatory obligations arising from these changes, the Company Secretary or the Chief Financial Officer has been authorized by the Board to liaise with the regulatory authority and fulfill the requisite compliance requirements.

These decisions underscore the dynamic nature of the corporate landscape and the proactive measures undertaken by Security Investment Bank Limited to maintain a cohesive and efficient board structure. The company's commitment to regulatory compliance is evident through its prompt communication of these developments to its stakeholders.