Security Investment Bank Limited Announces Resolutions from Annual General Meeting

Karachi, Security Investment Bank Limited provided details of resolutions passed at its Annual General Meeting held on April 29, 2024, which included the confirmation of minutes, approval of financial statements, auditor changes, and dividend and bonus share distributions.

The shareholders confirmed the minutes of the Extraordinary General Meeting held on July 29, 2023. Additionally, the Audited Financial Statements for the year ended December 31, 2023, were approved, including the reports from the auditor, chairman, and directors. These documents were made accessible to the members through a QR-enabled code and a web link.

The meeting also saw the retirement of the former auditors, M/s. Baker Tilly Mehmood Idrees Qamar, and the appointment of M/s. Muniff Ziauddin & Co as the new auditors for the fiscal year ending December 31, 2024. The Audit Committee of the Board of Directors recommended the new auditors’ remuneration.

Furthermore, the shareholders approved a final cash dividend of Rs. 0.5 per ordinary share of Rs. 10 each, which will be distributed to the shareholders on record as of the close of business on April 22, 2024.

Additionally, the meeting approved the issuance of 15% fully paid bonus shares, equivalent to fifteen ordinary shares for every 100 ordinary shares held, by capitalizing a sum of Rs. 77,150,337 from the statutory reserves for the issuance of 7,715,038 fully paid bonus shares, each having a face value of PKR 10.