Bank Alfalah Announces AGM with Special Business Resolutions and Voting Facilities

Karachi, Bank Alfalah Limited is set to hold its 32nd Annual General Meeting (AGM) on March 20, 2024, at the Movenpick Hotel in Karachi at 11 a.m. The bank has announced the availability of postal ballot papers and an electronic voting facility for shareholders to vote on special business items. These measures have been detailed in their latest communication to the Pakistan Stock Exchange and are in compliance with the regulations set forth by the Securities and Exchange Commission of Pakistan (SECP).

The bank’s AGM agenda includes two key resolutions. The first involves the authorization for the transmission of annual audited financial statements to its members through a QR-enabled code and web link at their registered addresses. The second resolution concerns the authorization for further investment by the bank in its subsidiary, Alfalah CLSA Securities (Private) Limited, with an aggregate amount of up to PKR 1,200,000,000/- (Pak Rupees one billion two hundred million only), by purchasing and/or subscribing to additional ordinary shares at a price of up to PKR 10/- per ordinary share.

In accordance with the Companies (Postal Ballot) Regulations, 2018, Bank Alfalah has provided its members with the right to vote through an electronic voting facility and by post on all businesses classified as special. The members have been informed about the procedure for electronic voting and submitting their ballot papers through post. The ballot paper is also available for download on the Bank’s official website.

The Bank has appointed its external auditors, M/s A. F. Ferguson & Co., Chartered Accountants, as the Scrutinizer for the voting process. The auditing firm has met the requirements under the Quality Control Review program of the Institute of Chartered Accountants of Pakistan and complies with the International Federation of Accountants’ (IFAC) Guidelines on Code of Ethics.

For electronic voting, the bank will share details via email with members who have their valid CNIC numbers, cell numbers, and email addresses in the bank’s register by March 14, 2024. Voting lines will be open from March 16, 2024, at 9:00 a.m. and will close on March 19, 2024, at 5:00 p.m. Members intending to vote by post are required to send their duly filled and signed ballot papers to the Chairman at the Bank’s Secretariat one day before the voting day, i.e., by March 19, 2024, at 5:00 p.m.