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Karachi, Shaheen Insurance Company Limited announced the adoption of its annual audited financial statements for the year ended December 31, 2023, during its 29th Annual General Meeting in Karachi on April 22, 2024. The company’s directors and auditors’ reports were also approved.
The shareholders approved the appointment of BDO Ebrahim & Co. as the company’s auditors for the fiscal year ending December 31, 2024. The auditors will hold office until the next annual general meeting, and they will be compensated at the rates drawn during the outgoing year.
Additionally, Shaheen Insurance resolved to capitalize Rs. 45,000,000 from its profits for the issuance of 4,500,000 new ordinary shares, valued at Rs. 10 each. These shares will be distributed as fully paid bonus shares to shareholders recorded on April 15, 2004, at a ratio of 7.5 shares for every 100 shares held. Fractional shares resulting from the distribution that do not form a complete multiple of the 7.5:100 ratio will be sold on the stock market. The proceeds from these sales will be donated to a charitable institution.
The CEO and Company Secretary have been authorized to manage any issues or questions that may arise from the distribution of new shares or the handling of proceeds from the sale of fractional shares.