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Karachi, May 10, 2013 (PPI-OT): We have to inform you that the Board of Directors of Shaheen Insurance Company Limited (SHNI) (“the Company”) in their meeting held on 09 May 2013 at 03:00 p.m. at Lahore have recommended the followings:
Bonus Shares : Nil
Cash Dividend : Nil
Right Issue : Nil
A copy of profit and loss Account for the year ended 31 December 2012 is enclosed.
Further the Board of Directors of the Company has decided to convene the Annual General Meeting (“AGM”) of the Company on Friday 31 May 2013 at 3:00 p.m. at Dreamworld Resort, Adjacent Block R, Gulshan-e-Maymar Super Highway, Karachi.
The Share Transfer Books of the Company will remain closed from 24 May 2013 to 31 may 2013 (both days inclusive). Transfers received at Corplink (Pvt.) Limited Wing Arcade, 1-K, Commercial Model Town, Lahore, the Registrar and Share Transfer Office of the Company at the close of the business on 23 May 2013 will be treated in time the purpose of Annual General Meeting.
We will be sending you copies of the printed accounts along with notice of AGM for distribution amongst the members of the Exchange in due course of time.
Profit and Loss Account for the year ended December 31, 2012
Fire and Marine, Motor Accident Miscellaneous 2012 2013
property aviation and and Aggregate Aggregate
damage transport Health
Revenue account
Net premium revenue 59,894,600 25,808,981 254,464,064 120,053,063 47,899,634 508,120,342 482,963,432
Net claims (9,008,540) (7,957,451) (136,180,286) (137,957,728) (12,845,454) (303,949,489) (247,642,725)
Premium deficiency expenses - - - (3,278,626) - (3,278,626) -
Management expenses (10,650,121) (4,589,208) (45,247,371) (21,347,162) (8,517,244) (90,351,106) (87,335,872)
Net commission (13,844,359) (7,212,127) (35,042,237) (9,755,502) (4,308,511) (70,162,736) (64,419,156)
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Underwriting result 26,391,580 6,050,195 37,994,170 (52,285,954) 22,228,425 40,378,415 83,565,679
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Investment income 7,334,705 11,654,388
Rental income 2,125,038 2,095,272
Other income 3,715,267 6,003,739
General and administration expenses (80,535,890) (78,119,917)
Impairment of held to maturity
investments (545,000) -
Workers Welfare Fund (WWF) (1,717,641) -
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(Loss)/ Profit before tax (29,245,106) 25,199,161
Taxation (2,846,496) (5,954,256)
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(Loss)/ Profit after tax (32,091,602) 19,244,905
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Profit and loss appropriation account:
Balance at commencement of the year (4,535,102) (23,780,007)
(Loss)/ profit after tax for the year (32,091,602) 19,244,905
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Balance of accumulated loss at end
of the year (36,626,704) (4,535,102)
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(Loss)/ Earnings per share basic
and diluted (1.15) 0.79
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Notice of Annual General Meeting
Notice is hereby given that 18th Annual General Meeting of the Shareholders of Shaheen Insurance Company Limited (“the Company”) will be held on Friday, 31 May 2013 at 03:00 p.m. at Dream world Resort, Adjacent Block R, Gulshan-e-Maymar Super Highway, Karachi to transact the following business:
1. To confirm the minutes of Annual General Meeting held on 30 April 2012.
2. To receive, consider and adopt the Annual Audited Accounts of the Company for the year ended 31 December 2012 together with the Directors and Auditors reports thereon; and
3. To appoint the Auditors of the Company for the year ending 31 December 2013 and to fix their remuneration.
Notes:
1) The Members Register will remain closed from 24 May 2013 to 31 May 2013 (both days inclusive). Transfer received at Corplink (Pvt.) Limited, Wings Arcade, 1-K, Commercial, Model Town, Lahore, the Registrar and Share Transfer Office of the Company by the close of business on 23 May 2013 will be considered in time for the purpose of Annual General Meeting.
2) A member eligible to attend and vote at the meeting may appoint another member as proxy to attend and vote in the meeting. Proxies in order to be effective must be received by the Company at the registered Office not later than 48 hours before the time for holding the meeting.
3) In order to be valid, an instrument of proxy and the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power of attorney, must be deposited at the registered office of the Company, 10th Floor, Shaheen Complex, M.R. Kiyani Road, Karachi not less than 48 hours before the time of the meeting.
4) a) Individual beneficial owners of CDC entitled to attend and vote at the meeting must bring his/her participant ID and account/sub-account number along with original CNIC or passport to authenticate his/her identity. In case of Corporate entity, resolution of the Board of Directors/ Power of attorney with specimen of nominees shall be produced (unless provided earlier) at the time of meeting.
b) For appointing of proxies, the individual beneficial owners of CDC shall submit the proxy form as per above requirement along with participant ID and account/ sub-account number together with attested copy of their CNIC or Passport. The proxy form shall be witnessed by two witnesses with their names, addressed and CNIC numbers.
The proxy shall produce his/ her original CNIC or Passport at the time of meeting. In case of Corporate entity, resolution of the Board of Directors/ Power of attorney along with specimen signatures shall be submitted (unless submitted earlier) along with the proxy form.
5) Members are requested to notify any change in their registered address immediately.
Appointment of Chief Executive Officer
We have to inform you that Mr. Faysal Jahangir has been appointed as Chief Executive Officer of Shaheen Insurance Company Limited in place of Mr. Asif Suleman w.e.f. 09 May 2013 Subject to approval of Securities and Exchange Commission of Pakistan.
Your may please inform members of your exchange accordingly.
For more information, contact:
Imran Hafeez
Director
Shaheen Insurance Company Limited
10th Floor Shaheen Complex,
M. R. Kayani Road. Karchi-74200, P.O. Box #707
Tel: # (9221) 32630370-75(6Lines)
Fax: # (9221) 32626674
Website: www.shaheeninsurance.com
E-mail: sihifc@cyber.net.pk