Telecard Limited Shareholders Approve Key Resolutions at Extraordinary General Meeting

Islamabad, Telecard Limited, a prominent telecommunications company, conducted its Extraordinary General Meeting (EGM) on June 26, 2024, where shareholders passed significant resolutions regarding the company’s governance and financial dealings. The meeting was held at the company’s registered office in Islamabad.

The resolutions approved include the adoption of the minutes from the previous EGM held on January 16, 2024. Furthermore, shareholders elected seven directors for a three-year term starting June 29, 2024. The newly elected board members are Mr. S.M. Pervez Sadiq, Mr. Syed Aamir Hussain, Mr. Waseem Ahmad, Mr. Syed Imran Haider Jaffery, Mr. Asad Mujtaba Naqvi, Ms. Fabzia Ahsen, and Ms. Naueen Ahmed.

A major financial decision was also made concerning Telecard Limited’s associated company, Hallmark Company Limited. According to information available from the Pakistan Stock Exchange (PSX), shareholders authorized an equity injection of up to PKR 400 million into Hallmark as part of a rights issue process. This investment aims to subscribe to additional shares that may remain unsubscribed during the rights issue process.

The meeting provided specific authorization for the investment approvals to extend beyond the typical 12-month period until fully utilized. Mr. Syed Aamir Hussain, CEO, and Mr. Waseem Ahmad, Director and Company Secretary, are empowered to execute necessary actions to implement the approved resolutions.

The EGM concluded with no further business, marking a pivotal step in Telecard Limited’s strategic financial planning and governance enhancement.