Corporate alert: Mari Petroleum approves the Company’s budget for FY20

June 14, 2019 (MLN): Several companies listed with the Pakistan Stock Exchange (PSX) made material announcements today, which mostly pertained to changes in the management affairs.

Some of these important announcements are as follows:

• Mr. Suleman Lalani resigned as Director and Chairman of the Board of Directors of JS Bank Limited with immediate effect.
• The Board of Directors of IGI Life Insurance Limited approved the issuance of 100 million Rights Ordinary Shares of the Company at par i.e. Rs. 10 per share in proportion of approximately 141.708896 rights shares for every 100 ordinary shares held (i.e. 141.71% approximately) by the shareholders of the company.
• The Board of Directors of Mari Petroleum Limited approved the Company’s budget for the year ending June 30, 2020.
• Balochistan Particle Board Limited announced the cessation of Mr. Muslim R. Habib as the Chief Executive Officer of the company with effect from June 14, 2019. In his place, Mr. Ali Niaz Akhtar has been appointed to hold office for the remainder of the term which will expire on April 19, 2020.

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