Atlas Insurance Limited Announces Dividends and Director Elections in Annual General Meeting

Karachi, Atlas Insurance Limited convened its 89th Annual General Meeting (AGM) on April 15, 2024, where several key resolutions were passed, including the approval of the previous year’s financial statements and dividends, as well as the election of directors for a new term. The meeting, led by the company's executives, adhered to the agenda set forth for ordinary and special business items.

Members confirmed the minutes from the last AGM held on April 27, 2023. They also approved the audited financial statements for the year ended December 31, 2023, which included both the auditors' and directors' reports.

A significant financial decision was the approval of the final cash dividend of Rs. 3.00 per share, with an interim cash dividend of Rs. 1.60 per share previously declared and paid, totaling Rs. 4.60 per share. Additionally, a 60% interim bonus issue, which had been announced and disbursed during 2023, was confirmed, ratified, and approved.

The AGM also saw the election of several directors for the coming three-year term. Elected officials include Mr. Iftikhar H. Shirazi, Mr. Ali H. Shirazi, Mr. Frahim Ali Khan, Mr. M. Habib-ur Rahman, Mr. Hasan Reza ur Rahim, Mrs. Roohi Raees Khan, and Mr. Babar Mahmood Mirza.

BDO Ebrahim & Co, Chartered Accountants, were appointed as the company’s auditors for the fiscal year ending December 31, 2024, with their remuneration set by the Board of Directors.

In special business, the resolution to consolidate and sell fractional bonus shares from the interim bonus issued at 60% during 2023 was approved. The proceeds from these sales are to be donated to a charitable institution approved under the Income Tax Ordinance, 2001.

Additionally, the AGM approved the transmission of annual audited financial statements to members through QR-enabled code and web link, replacing older methods such as CD, DVD, or USB. This move aligns with directives from the Securities and Exchange Commission of Pakistan (SECP).

Related party transactions with Atlas Foundation and Atlas Asset Management Limited during the year 2023 were ratified and approved for continuation through the year ending December 31, 2024.

Pakistan Braces for Widespread Rains and Thunderstorms Across the Country

Islamabad, Pakistan is set to experience another wave of intense weather conditions starting the night of April 16th, As per National Weather Forecasting Centre, Islamabad. A strong westerly wave is expected to impact various regions across the country, bringing significant rain, wind, thunderstorms, and even snowfall in higher elevations through next week.

According to National Weather Forecasting Centre – Islamabad, the weather system will first affect western parts of the country and gradually extend to Balochistan on April 17th and to the upper parts by April 18th. Regions including Gwadar, Kech, and Zhob in Balochistan will experience heavy to very heavy rainfall from the night of April 16th to the morning of April 19th. The forecast also predicts similar conditions in Khyber Pakhtunkhwa, where cities like Chitral, Swat, and Peshawar will see rain and snowfall over high mountains starting from the night of April 17th until April 21st.

In Gilgit-Baltistan and Kashmir, the weather will also turn significantly harsh with rain and heavy snowfall expected from April 18th to April 22nd. Punjab and Islamabad are not left out, with rain and thunderstorms predicted to start from April 18th and last until the 21st, potentially including hailstorms in places like Murree and the Galliyat region.

The provinces of Sindh will also experience rain and thunderstorms from the night of April 17th to the morning of April 19th, impacting major cities including Karachi and Hyderabad.

The extensive forecast highlights the ongoing active weather patterns over Pakistan, affecting millions of residents and potentially impacting daily activities and infrastructure due to the severity of the predicted weather conditions.

Congress Leader Bhalla Predicts Electoral Repercussions for BJP in Upcoming Parliamentary Elections


Jammu, Raman Bhalla, the working president of the Congress party in occupied Jammu and Kashmir, has publicly declared that the people will respond decisively to the Bharatiya Janata Party (BJP) in the forthcoming parliamentary elections due to unfulfilled promises and general dissatisfaction.



According to Kashmir Media Service, during a public rally at Gho Manhasan in the Marh block of Jammu, Bhalla voiced the frustrations of the local populace. He stated that the residents of occupied Jammu and Kashmir are keen to express their discontent with the BJP and its allies at the ballot box for their failures and unkept commitments.



Bhalla highlighted the critical issues of exploitation of local resources, the need for protection of land and jobs, and the restoration of statehood. He emphasized the importance of local control over resources and employment opportunities, declaring that the external appropriation of these assets by others is intolerable.



He pledged to champion these concerns in parliament and to ensure that the voices of the people of Kashmir are not only heard but also acted upon. Bhalla reiterated the Congress party’s dedication to fostering development and prosperity in the region, contrasting it with what he described as the BJP’s detrimental policies.

Pakistan and Maldives Discuss Climate Challenges and Loss and Damage Fund at Washington Meeting


Washington DC, Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with H.E. Mohamed Nasheed, former President of the Maldives and Secretary-General of the Climate Vulnerable Forum (CVF), to discuss mutual concerns regarding climate change and collaborative strategies.



According to Press Information Department, the meeting highlighted Pakistan’s vulnerability to climate change and the proactive role it played in establishing the Loss and Damage Fund during COP 28. Discussions focused on advancing the global response to climate challenges, particularly in countries most vulnerable to climate impacts. The dialogue underscored the importance of international cooperation in addressing the pervasive threats posed by climate change and explored the path forward to mitigate these risks effectively.

Two Youths Arrested in Jammu, Weapons Seized During Police Operation


Jammu, Indian police have apprehended two individuals, Rahul Dev and Ravinder Kumar, in the Bishnah area of Jammu district in Indian illegally occupied Jammu and Kashmir.



According to Kashmir Media Service, the arrests were made during a cordon and search operation conducted by Indian forces. During the search, authorities reportedly found one pistol and one live round cartridge in possession of the detained individuals.



The report also noted that in a broader crackdown, Indian troops have arrested several other individuals under various pretexts in multiple districts including Rajouri, Reasi, Baramulla, and Shopian.

International Industries Ltd. Sees Robust Dividend Payout Amidst Share Price Surge

Karachi, Shares of International Industries Ltd., ticker INIL, closed today’s session at a high of 152.60 rupees, reflecting a daily average of 151.40 rupees. The company declared an 80% dividend alongside a 75% interim dividend, marking significant shareholder returns. Listed since 1984, International Industries saw a substantial turnover of 1,318.82 million shares.

Karachi Governor Kamran Tesori Initiates Major Industrial Revival in Sindh

Karachi, In a significant move aimed at reinvigorating the industrial landscape of Sindh, Governor Kamran Khan Tesori chaired a meeting with top bankers, businessmen, and industrialists. The session focused on kickstarting an industrial revolution and restoring the deteriorating industries of the province.

According to Sindh Governor House, Governor Tesori announced the formation of a task force dedicated to driving the industrial revolution and rejuvenating the industries across the region. He pledged comprehensive support to industrialists, promising substantial employment opportunities as a result. The Governor outlined his commitment to equipping the youth with IT skills and ensuring their absorption into the workforce through forthcoming projects under the Sindh Industrial and Commercial Facilitation (SIFC). He emphasized that industries in Sindh will cease relocating to other provinces or countries, predicting a reverse trend where industrialists from elsewhere will be attracted to Sindh.

Governor Tesori reaffirmed his commitment to fulfilling the promises made during his tenure, crediting divine assistance for his achievements thus far.