Lahore: The Universal Insurance Company Limited (UVIC) has announced its decision to hold an Extra Ordinary General Meeting (EOGM) on March 5, 2025, at 11:00 A.M. This meeting, which will take place at the company’s registered office at Universal Insurance House, 63-Shahrahe-Quaid-e-Azam, Lahore, is set to address both ordinary and special business agendas, as per the official notice released on February 11, 2025.
The primary item on the agenda for the ordinary business is the confirmation of the minutes from the previous EOGM held on November 15, 2024, at Lahore. The special business of the meeting will focus on passing resolutions concerning the authorization of UVIC to provide a bank guarantee up to Rs. 350 million to United Bank Limited (UBL) Karachi. This guarantee is intended to facilitate finance facilities for its holding company, Bibojee Services (Pvt.) Limited (BSL), by marking a lien on UVIC’s deposit/investment in mutual funds with Alfalah Asset Management Limited.
According to information available from the Pakistan Stock Exchange (PSX), this strategic financial move is aimed at supporting BSL in managing its operational and cash flow requirements, which in turn is expected to positively impact UVIC’s financial condition. The period for this bank guarantee is two years.
Furthermore, the meeting will review any other business transactions that may arise, with the permission of the Chair. The notice also mentions that relevant documents, including the latest audited and interim financial statements of Bibojee Services (Pvt.) Limited, will be available for inspection by members during the EOGM.
The company has appointed M/s. ShineWing Hameed Chaudhri and Co., Chartered Accountants, as the scrutinizer for voting procedures at the EOGM. This firm, established in 1957 and renowned for its professional services, will ensure that the voting process complies with the necessary regulations, ensuring transparency and accuracy.
UVIC's decision to provide a substantial bank guarantee underlines its commitment to bolstering its strategic financial plans, which are expected to yield mutual benefits for both UVIC and its holding company, BSL, in the foreseeable future.