Karachi: Enclosed please find a copy of the notice of Sixth Annual General Meeting of Summit Bank Limited (SMBL) scheduled to be held on Thursday, March 29, 2012 at 11:00 a.m. at Marriott Hotel, Islamabad for circulation amongst your members.
Notice of the Sixth Annual General Meeting of the Shareholders of the Bank
Notice is hereby given that the Sixth Annual General Meeting of the shareholders of Summit Bank Limited (“Bank”), will be held on Thursday, March 29, 2012 at 11:00 a.m. at Marriott Hotel, Islamabad to transact the following business:
1. To confirm the minutes of Fifth Annual General Meeting of Summit Bank Limited held on March 30, 2011.
2. To confirm the minutes of Extraordinary General Meeting of ex-MyBank Limited held on May 24, 2011.
3. To receive, consider and adopt the audited financial statements of the Bank for the year ended December 31, 2011 alongwith Directors’ and Audtiors’ Report thereon and Statement of Compliance with the Code of Corporate Governance.
4. To appoint External Auditors of the Bank for the year ending December 31, 2012 till the conclusion of next Annual General Meeting and fix their remuneration. (Present Auditors’, M/s. Ernst and Young Ford Rhodes Sidat Hyder, Chartered Accountants being eligible and offer themselves for re-appointment).
5. To approve and to ratify investment made by the Bank in Arif Habib Corporation Limited (formerly Arif Habib Securities Limited) an associated company of the Bank in the year 2010 as recommended by the Board of Directors of the Bank as follows:
“RESOLVED that the investment of PKR 250 million made by the Bank in Arif Habib Corporation Limited (formerly Arif Habib Securities Limited) an associated company of the Bank in the year 2010 be and is hereby approved and ratified.”
A statement under section 160(1)(b) of the Companies Ordinance, 1984 pertaining to the Special Business referred to above is annexed to this Notice of Meeting.
6. To transact any other business with the permission of the chair.
1. The Register of Members of the Bank will remain closed from March 20, 2012 to March 29, 2012 (both days inclusive).
2. A member entitled to attend and vote at this meeting may appoint another member as his / her proxy to attend and vote on his / her behalf. The instrument appointing a Proxy and the power of attorney or other authority under which it is signed or a notarially certified copy of the power of attorney must be valid and received at the Share Registrar of the Bank, M/s. Technology Trade (Pvt.) Ltd., Dagia House, 241-C, Block-2, P.E.C.H.S., Off. Shahrah-e-Quaideen, Karachi duly stamped, signed and witnessed not later than 48 hours before the meeting.
3. Shareholders whose shares are deposited with Central Depository Company of Pakistan Limited (CDC) are requested to bring their Computerized National Identity Card (CNIC) alongwith their CDC Account Number for verification. In case of corporate entity, the Board of Directors’ resolution / power of attorney with specimen signatures of the nominee shall be produced (unless it has been provided earlier) at the time of the meeting.
4. Members are requested to notify any change in their addresses immediately.
5. Members are requested to submit copy of their CNICs with our Share Registrar M/s. Technology Trade (Pvt.) Ltd.
Statement Under Section 160(1)(b) of the Companies Ordinance, 1984
1. Investment in Arif Habib Corporation Limited (formerly Arif Habib Securities Limited)
The Bank has in the year 2010 made an investment of an aggregate amount of PKR 250 million in Arif Habib Corporation Limited (formerly Arif Habib Securities Limited) an associated company of the Bank in order to comply with the provisions of Section 208 of the Companies Ordinance, 1984, the Board of Directors of the Bank in its meeting held on February 29, 2012 has resolved that such investment made by dig Batik in Arif Habib Corporation Limited (formerly Arif Habib Securities Limited) be put before the shareholders of the Bank for approval and ratification and has further resolved that in future all equity investments made by the bank in its associated companies shall be approved by the shareholders of the Bank in accordance with Section 208 of the Companies Ordinance, 1984.
The details of the investment are as follows:
i. Name of Investee Company; Arif Habib Corporation Limited (formerly Arif Habib Securities Limited).
ii. Nature of Investment: AFS PKR 250 million.
iii. Average market price of Shares purchased during preceding 6 months: Rs. 28.79.
iv. Break-Up Value of Shares purchased: (2011: 56.3, 2010: 52.76, 2009: 43.03):
v. Price at which Shares have been purchased: Rs, 26.50.
vi. Earnings per Share of the Investee Company in last 3 years: (2011: 7.57, 2010: 10.13, 2009; (7.38).
vii. Source of Funds from where Shares were purchased: Bank’s funds available for Investment in securities.
viii. Purpose of Investment: Investment in shares is made with the intention to earn capital gains and dividend income in order to enhance the overall yield of the portfolio.
ix. Benefits likely to Accrue to the Bank arid its shareholders from the Investment; Investment in shares is made with the intention to earn capital gains and dividend income in order to enhance the overall returns of the portfolio.
x. Interest of Directors of the Bank and their relatives in the Investee Company:
There is no interest of any directors of the Bank and their relatives in the investee company. All investments are made with the prior approval of the management while ensuring optimal returns with a Risk profile as per the Bank’s policies and parameters defined by its management.
The Directors of the Bank have no interest in the special business and / or special resolution that would need a further disclosure.
For more information, Contact:
Summit Bank Limited
Summit Bank Plaza: Mumtaz Hassan Road,
Off: I. I. Chundrigar Road, Karachi- Pakistan.
PABX: (021) 32468400
Fax: (021) 32468494