Arif Habib Corporation Approves Investment Resolutions in Extraordinary General Meeting

Karachi, Shareholders of Arif Habib Corporation Limited convened an Extraordinary General Meeting (EOGM) on 1 June 2024, where they passed several resolutions concerning investments in associated companies and transactions with related parties. The meeting, held in Karachi, saw the requisite majority of shareholders approve the agenda items detailed in the notice of the EOGM.

The resolutions pertained to approving minutes from previous meetings and authorizing significant investments in associated entities such as Javedan Corporation Ltd, Power Cement Ltd, and Aisha Steel Mills Ltd. The authorized investments totaled over Rs. 11.5 billion for a period of two years, focused primarily on equity stakes. According to information available from the Pakistan Stock Exchange (PSX), the resolutions were passed by shareholders present in person, through proxies, or via e-voting and postal ballot.

Furthermore, the meeting authorized the company’s Chief Executive and directors to execute necessary actions related to these investments, including negotiating and signing pertinent agreements. The board was also empowered to handle related party transactions on a case-by-case basis until the next annual general meeting.

Certified copies of the resolutions and the meeting’s minutes will be submitted to the PSX within the stipulated timeframe, ensuring compliance with regulatory requirements.