KARACHI, Nov 13: Adamjee Insurance Company Limited announced on Monday that it would purchase five million shares of MCB Bank Limited (MCB) and two million shares of Oil & Gas Development Company Limited (OGDCL).

A notice released by Adamjee at the stock exchange on Monday, stated that the company had called an extra-ordinary General Meeting (ExGM) of members on Monday (December 4), which would consider and, if thought fit, pass the following resolution with or without modification under Section 208 of the Companies Ordinance, 1984:

“Resolved that consent and approval be and is hereby accorded under Section 208 of the Companies Ordinance, 1984, for investment in the following associated companies: (a) five million ordinary shares of Rs10 each of MCB Bank Limited, at market price; (b) two million ordinary shares of Rs10 each of OGDC at market price and (c) TFCs for Rs20 million of Allied Bank Limited at par.

Adamjee Insurance had made similar purchase of five million shares of MCB Bank Limited at market price last year. The resolution for that investment was passed at the ExGM held on September 19, 2005.