Pakistan International Container Terminal Limited’s Notice of 10th AGM of PICT

Karachi: We are pleased to inform that 10th Annual General Meeting of the members of Pakistan International Container Terminal Limited will be held on October 03, 2011 at 11:00 a.m., at Beach Luxury Hotel, Karachi. A copy of notice for the above and advertisement in Business Recorder and Nawa-e-Waqt are enclosed for your record and reference

Notice of the 10th Annual General Meeting

Notice is hereby given that the 10th Annual General Meeting of Pakistan International Container Terminal Limited will be held at Beach Luxury Hotel, Karachi, on Monday, October 03, 2011 at 11.00 a.m. to transact the following business:

Ordinary Business:

1) To confirm the minutes of the Extra Ordinary General Meeting of the Company held on Wednesday, August 03, 2011.

2) To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2011 together with Auditors’ and Directors’ Reports thereon.

3) To approve the payment of final dividend in cash @ 40% i.e. Rs. 4 per ordinary share of Rs.10/- each, for the shareholders of the Company and also cash dividend @10% i.e. Rs. 1 per preference share to the holders of preference shares of the Company as recommended by its Board of Directors in its meeting held on August 29, 2011.

4) To appoint Auditors of the Company for the financial year ending June 30, 2012 and to fix their remuneration. The present auditors, being eligible, have offered themselves for re appointment.

Special Business:

5) To consider, and if thought fit, to pass, with or without modification the following resolutions as Special Resolution:

a) RESOLVED THAT “approval of the shareholders of the Company be and is hereby accorded in terms of Section 208 of the Companies Ordinance, 1984 for making further equity investment in one tranche or from time to time, as may be deemed appropriate by the Company, in fully paid up ordinary shares of the face value of Rs. 10/-, each, at par, of Pakistan International Bulk Terminal Limited (PIBT), an associated undertaking, not exceeding Rs. 2,100,000,000 (Rupees Two Thousand One Hundred Million Only), in addition to earlier approval accorded by the shareholders for making equity investment of Rs. 4,000,000,000/-in PIBT, in 9thAGM of the company held on October 13, 2010.”

b) FURTHER RESOLVED THAT “approval of the shareholders of the Company be and is hereby accorded in terms of Section 208 of the Companies Ordinance, 1984 for making further investment from time to time in the form of advance/loan upto Rs. 1,000,000,000/-(Rupees One Billion only), to PIBT an associated undertaking, for its business purposes, on mark up basis at the company’s prevailing rate of borrowing.”

FURTHER RESOLVED THAT “the Chief Executive Officer and/or any one directors of the Company be and are hereby authorized to negotiate, finalize, issue, execute agreement(s) and to invest the Company’s funds from time to time in the equity of PIBT of an amount in the aggregate not exceeding Rs. 6,100,000,000/- (Rupees Six Thousand One Hundred Million Only), besides advance/loan not exceeding Rs. 1,000,000,000/- (Rupees One Billion only), as above, on such terms and conditions and in such manner and in accordance with the provisions of Section 208 of the Companies Ordinance, 1984 and Notification(s) issued in this regard from time to time by the Securities and Exchange Commission of Pakistan and to take and do and /or cause to be taken or done any/all necessary actions, deeds and things which are or may be necessary, incidental and/or consequential for giving effect to the aforesaid resolutions.”

6) To transact any other business with the permission of the Chair.

Statement under section 160(1)(b) of the Ordinance read with SRO865(I)/2000 dated December 06, 2000 is being sent to the members alongwith the notice of the meeting.

For more information, contact:
Pakistan International Container Terminal Limited
2nd Floor, business Plaza,
Mumtaz Hassan Road,
Karachi-74000. Pakistan.
Tel: (+92-21) 32400450-3
Fax: (+92-21) 32400291

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