Islamabad, Bestway Cement Limited, a leading name in the cement industry, has officially notified shareholders of its upcoming 30th Annual General Meeting (AGM) scheduled to take place on September 1, 2023, in Islamabad. The AGM is expected to address several crucial matters in the company's agenda.
The agenda for the AGM includes a range of ordinary business items, signifying the Company's commitment to transparency and shareholder engagement. Among the key matters to be discussed are the confirmation of minutes from the previous Annual General Meeting held on October 7, 2022, and the adoption of the Annual Audited Financial Statements for the fiscal year ending June 30, 2023. These financial statements will be accompanied by comprehensive reports from both the Directors and the Auditors.
A significant highlight of the AGM will be the proposed declaration of a final cash dividend of 60%, supplementing the interim dividends of 150% already disbursed for the year ending June 30, 2023. This proposal, recommended by the Board of Directors, reflects the Company's strong financial performance and commitment to rewarding its valued shareholders.
Furthermore, the AGM will conduct the election of nine directors, in accordance with the provisions of Section 159 of the Companies Act, 2017. These directors will serve a term of three years, contributing their expertise and guidance to the Company's strategic direction. The election will involve replacing retiring directors, including notable figures such as Sir Mohammed Anwar Pervez, Mr. Muhammad Irfan Anwar Sheikh, Mr. Zameer Mohammed Choudrey, Mr. Dawood Pervez, Mr. Mohammed Younus Sheikh, Mr. Haider Zameer Choudrey, Ms. Najma Naheed Pirzada, and Ms. Nazia Nazir.
In addition, shareholders will deliberate on the appointment of Auditors for the Company, and discussions will also revolve around the remuneration for the year ending June 30, 2024. The outgoing auditors, M/s A. F. Ferguson & Co., Chartered Accountants, have expressed their consent to be reappointed, and the Board of Directors has recommended their continuation.