The 27th Annual General Meeting (AGM) of Pakistan Kuwait Investment Company (PKIC)(Private) Limited was held recently in Karachi and was attended by shareholders representing Government of Pakistan through State Bank of Pakistan and Government of Kuwait through Kuwait Investment Authority (KIA).
The audited accounts for the year ended on December 31, 2005 were considered and approved by the shareholders. The shareholders appreciated the initiatives and measures adopted by the company to maintain its leading position amongst DFIs due to exceptional profitability and growth in asset base and shareholders equity.
The shareholders approved total dividend of Rs 4.2 billion comprising of cash dividend of Rs 200 million and stock dividend of Rs 4.0 billion being 210 percent of the paid up capital of the company, the highest in the history of the company and the highest in the financial sector of the country.
With this declaration the cumulative dividend pay-out of Pak-Kuwait amounts to Rs 9.232 billion since the inception of the company.
With this declaration, the paid-up capital of the company wil1 increase to Rs 6 billion and Pak-Kuwait will become the first DFI and amongst the first few in the financial sector to meet the State Bank's requirement on minimum paid-up capital in 2006 instead of 2009 ie three years in advance.
Subsequently, in the recent Board of Directors' meeting the management of PKIC informed the board that in the first quarter of 2006 the company continues to strengthen its balance sheet and broaden its spectrum of activities. In this quarter alone the company has generated profit before tax of Rs 1.27 billion - highest ever in the first quarter. Pak-Kuwait has also successfully launched Pak-Kuwait Takaful, the first General Takaful (insurance) company of Pakistan.-PR