Lahore, Synthetic Products Enterprises Limited (SPEL), a leading name in the industrial sector, has officially announced its 41st Annual General Meeting (AGM), which is scheduled to take place on October 14, 2023. The meeting venue will be the Jinnah Auditorium of the Lahore Chamber of Commerce & Industries, situated on Shahrah Aiwan-e-Tijarat in Lahore.

The AGM is set to address key business matters, including the consideration of financial statements, dividend distribution, and the appointment of auditors.

The agenda for the 41st Annual General Meeting includes:

A) Ordinary Business:

1. Adoption of Audited Financial Statements:

Shareholders will receive, consider, and adopt the audited financial statements for the fiscal year ending on June 30, 2023, along with the Directors’ and Auditors’ Reports. This provides an opportunity for stakeholders to assess SPEL's financial performance and corporate governance.

2. Final Cash Dividend Approval:

The company proposes the approval of a final cash dividend for the fiscal year ending on June 30, 2023, at the rate of Rs. 0.5 per share, equivalent to 10% of the share's face value. This proposed dividend is in addition to the interim dividend of Rs. 0.25 per share, or 5%, which has already been paid, as recommended by the Board of Directors.

3. Appointment of Auditors:

Shareholders will vote on the appointment of auditors for the financial year 2023-24 and determine their remuneration. The Board of Directors has recommended the reappointment of M/s KPMG Taseer Hadi and Co., Chartered Accountants, for this role. They are the retiring auditors and have offered themselves for reappointment, as suggested by the Board Audit Committee.

In addition to these important agenda items, SPEL has announced the closure of its Share Transfer Books. The books will be closed from October 8, 2023, to October 14, 2023, inclusive. This closure period aligns with the AGM schedule and ensures that changes in share ownership are accurately recorded during this time.

The upcoming 41st Annual General Meeting represents an opportunity for shareholders and stakeholders to actively participate in the decision-making process of Synthetic Products Enterprises Limited. The proposal of a final cash dividend of 10% demonstrates the company's commitment to sharing its success with its shareholders, highlighting its dedication to providing value and returns to its investors.