East West Insurance Co. Schedules Extraordinary General Meeting to Expand Capital

Karachi: East West Insurance Co., Ltd has announced an Extraordinary General Meeting (EOGM) scheduled for October 5, 2024, to discuss a potential expansion in the company’s authorized capital. The meeting will take place at 27 Regal Plaza, Jinnah Road, Quetta at 11:30 P.M.

The primary agenda for the EOGM, as advertised in leading newspapers including The Nation, Daily Ausaf, and Balochistan Express Quetta on September 12, 2024, will be to consider the Board of Directors’ proposal to increase the Authorized Capital from PKR 2.50 billion to PKR 3.00 billion. This adjustment will allow the issuance of additional shares, totaling 300 million ordinary shares at PKR 10 each. According to information available from the Pakistan Stock Exchange (PSX), this move is aligned with the company’s strategic growth objectives.

Shareholders at the meeting will also address other items on the agenda with the permission of the chair. The company’s management has attached a statement of material facts, as required by the Companies Act, 2017, detailing the necessity of the capital increase to support expansion plans.

In preparation for the EOGM, the company will close its Share Transfer books from September 30, 2024, to October 5, 2024. Attendance and voting rights will be restricted to shareholders listed as of September 29, 2024. Shareholders may appoint proxies to vote on their behalf, adhering to guidelines set by the Securities and Exchange Commission of Pakistan.

Further compliance with regulatory frameworks will ensure that members using electronic voting facilities and postal ballots can participate effectively, especially for those classified under ‘special business.’ Shareholders requiring video-link facilities for meeting participation are encouraged to make formal requests at least seven days before the EOGM.

This EOGM represents a significant step for East West Insurance in securing its financial and operational future, as it seeks to expand its capital base and continue its growth trajectory.

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