Arif Habib : Submission of Certified copies of resolutions approved and adopted at the 18th Annual General Meeting of the Arif Habib Limited as per clause 5.6.9(b) of the PSX Rule Book
October 18, 2022 at 05:13 am EDT
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STATEMENT UNDER
SECTION 134(3) OF
THE COMPANIES ACT, 2017
This statement sets out the material facts concerning the Special Business given in Agenda item No. 5, Agenda Item No. 6 and Agenda item No. 7 of the Notice to be transacted at the Annual General Meeting of the Company. Directors of the Company have no interest in the special business except in their capacity as director / shareholder.
ANNEXURE A
SALE OF ARIF HABIB 1857 (PRIVATE) LIMITED
Arif Habib 1857 (Private) Limited ('AH1857') is a wholly owned subsidiary of the Company. AH1857 was incorporated on July 18, 2014 as a private limited company under the Companies Ordinance, 1984 (replaced now with the Companies Act, 2017).
The Board of Directors, subject to the provisions of Section 183 of the Companies Act, 2017 and all other applicable provisions of law, approved the sale of AH1857.
OTHER CONSIDERATIONS
The Directors of the Company do hereby undertake / certify that necessary due diligence of the sale of AH1857 has been carried out.
The Board of Directors of the Company have confirmed that the proposed sale of AH1857 is in line with the applicable provisions of the law and regulatory framework.
Material facts covering the sale of AH1857 as required under S.R.O 423(I)/2018 dated April 03, 2018 issued by the Securities & Exchange Commission of Pakistan ('SECP') are as under:
i)
Name of the subsidiary
Arif Habib 1857 (Pvt.) Limited
ii)
Cost and book value of investment in subsidiary
As at June 30, 2022
Cost: PKR 50,000,000
Net Book Value: PKR 43,558,105
iii)
Total market value of subsidiary based on value
of the shares of the subsidiary company:
a) In case of listed subsidiary company: quoted
Not applicable since the subsidiary is not listed.
price of shares of subsidiary on day of
decision of the board for disposal;
b) In case of non-listed subsidiary: value
Per share value of PKR 9.81 has been
determined by a registered valuer, who is
determined by S.M. Suhail & Co. Chartered
eligible to carry out such valuation along with
Accountants having satisfactory Quality Control
name of the valuer.
Review rating awarded by Institute of Chartered
Accountants of Pakistan.
iv)
Net worth of subsidiary as per latest audited
Net worth of subsidiary as per latest audited
financial statements and subsequent interim
financial statements as at June 30, 2022 is PKR
financial statements, if available;
49,055,945 and break-up value per share is
PKR 9.81.
166 Arif Habib Limited
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Arif Habib Ltd. published this content on 18 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2022 09:12:05 UTC.
Arif Habib Limited is a Pakistan-based brokerage and financial services company engaged in equity trading, investment banking, money market and forex, commodities trading and securities research. The Company's brokerage services cater to the investment needs of clientele across foreigners, high net worth individuals, banks, mutual funds, government pension funds, insurance companies and retail investors. Its investment banking services include merger and acquisitions, equity capital market, debt capital market, and project financing. It provides investment banking services to various industries, including automobile and auto parts, consumer products and retail, financial institutions and insurance, healthcare, industrials, infrastructure and transportation. The Company's money market services include interbank brokerage division, which consists of two dealing desks: money market and foreign exchange. Its money market desk services include interbank dealing, fixed income and corporate.
Arif Habib : Submission of Certified copies of resolutions approved and adopted at the 18th Annual General Meeting of the Arif Habib Limited as per clause 5.6.9(b) of the PSX Rule Book