Progressive Insurance Company Announces Annual General Meeting in Karachi

Karachi, The Progressive Insurance Company Limited has announced that its Thirty-Seventh Annual General Meeting will take place on June 3, 2024, in Karachi. The meeting will address several key items, including the confirmation of minutes from the last Extraordinary General Meeting held on January 2, 2023, the adoption of audited accounts for the year ending December 31, 2023, the appointment of auditors for the year ending December 31, 2024, and any other business with the permission of the Chair. Additionally, a special resolution will be considered to increase the company’s authorized capital.

According to information available from the Pakistan Stock Exchange (PSX), the special resolution proposes increasing the authorized capital from Rs. 200,000,000 to Rs. 2,500,000,000, divided into 250,000,000 ordinary shares of Rs. 10 each. The resolution also includes amending Clause V of the Memorandum of Association and Article 4 of the Articles of Association to reflect the increase. Right shares will be issued at Rs. 1.25, representing a discount of Rs. 8.75, subject to approval by the Securities and Exchange Commission of Pakistan (SECP).