Security Investment Bank Limited’s material information

Karachi, March 29, 2013 (PPI-OT): In accordance with Clause (xx) of the Listing Regulation No. 35 of the Code of Corporate Governance, we are pleased to convey the following information:-

The Board of Directors of Security Exchange Bank Limited (“the Company’) at its duly convened meeting held on 28 March 2013, has decided to wind up its wholly owned subsidiary, namely SIBL Exchange (Private) Limited (“SIBL Exchange”) and to instruct the directors of SIBL Exchange to commence the process of voluntary winding up of SIBL Exchange in accordance with the provisions of the Companies Ordinance, 1984.

The decision is based on the fact that the State Bank of Pakistan (SBP) informed SIBL Exchange through its letter No. EPD/105/24(49)EC-2013 dated 8 January 2013 that the License of SIBL Exchange stands expired with effect from 1 October 2012, for not meeting the minimum capital requirement for SIBL Exchange.

The Board of Directors of the Company has also decided to propose a Special Resolution for the above purpose to be passed by the members with or without amendments at the Twenty Second Annual General Meeting of the Company which is proposed to be held on 29 April 2013, for which Notice is being issued in accordance with the prescribed procedures.

For more information, contact:
Muhammad Shahzad
Head of finance and company secretary
Security Investment Bank Limited
6th Floor, Uni Towers,
I.I. Chundrigar Road,
Karachi- 74000, Pakistan
Ph: (92-21) 32418410-13
Fax: (92-21) 32418414
E-mail: sibl@sibl.com.pk
Website: www.sibl.com.pk