AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Bank Alfalah Limited has notified the Pakistan Stock Exchange about its forthcoming Extraordinary General Meeting (EOGM) scheduled for May 27, 2024. The meeting, set to be held in Karachi and accessible via an online platform, will address several key agenda items, including the election of nine directors.
The EOGM will confirm the minutes of the 32nd Annual General Meeting, which occurred on March 20, 2024. A pivotal point on the agenda is the election of nine directors as stipulated by the board in accordance with Section 159(1) of the Companies Act, 2017. Directors up for re-election include H.H. Nahayan Mabarak Al Nahayan, Mr. Abdulla Nasser Hawaileel Al Mansoori, Mr. Abdolia Khalil Al Mutawa, Mr. Khalid Mana Saeed Al Otaiba, Dr. Ayesha Khan, Dr. Gyorgy Tames Ladics, Mr. Khalid Qurashi, and Mr. Atif Aslam Bajwa, all subject to approval from the State Bank of Pakistan.
Further business may be transacted with the chair’s permission during the meeting. The Board has also provided a statement under Section 166(3) of the Companies Act, detailing the material facts concerning the appointment of an independent director.
Shareholders are reminded that the Share Transfer Books of the bank will be closed from May 20, 2024, to May 27, 2024. The Bank has encouraged members to utilize their right to vote through traditional and electronic means as specified in the Companies (Postal Ballot) Regulations, 2018. Additionally, candidates interested in contesting the elections for the office of director must submit their intentions to the Bank’s registered office fourteen days before the meeting.
Bank Alfalah emphasizes the importance of compliance with the legal framework for all candidates, including the requirement for directors to hold at least 500 qualification shares. Shareholders are urged to provide their CNIC to the bank to avoid withholding of future dividends, and to convert physical shares into book-entry form shares to benefit from various securities trading advantages.