Faisalabad, Rafhan Maize Products Co. Limited has announced that its 135th General Meeting (Annual Ordinary) of the shareholders will be held on Monday, April 22, 2024, at 03:00 p.m. at the Company's Head Office in Faisalabad. The agenda includes the confirmation of minutes from the last General Meeting held on April 27, 2023, and the adoption of the Audited Financial Statements for the year ended December 31, 2023, along with the Directors' and Auditors' Reports.

A notable highlight is the approval of a final cash dividend of Rs.100 per ordinary share of Rs.10, amounting to a 1,000% dividend, as recommended by the Board of Directors. Furthermore, the re-appointment of the present auditors, Messrs KPMG Taseer Hadi & Co., Chartered Accountants, for the fiscal year ending December 31, 2024, will be proposed, following their retirement and subsequent offer for re-appointment.

In accordance with Section 242 of the Companies Act, 2017, Rafhan Maize emphasizes the requirement for shareholders to receive dividends exclusively through electronic means. Shareholders are urged to provide necessary banking details to facilitate this process, as outlined on the company’s website, to avoid dividend withholding.

Additionally, the company highlighted the adoption of a modern approach for transmitting annual audited financial statements via QR enabled code and weblink, moving away from physical CDs, DVDs, or USBs. This decision aligns with the Securities & Exchange Commission of Pakistan (SECP)’s regulations and the company’s commitment to environmental sustainability and technological advancement.

Rafhan Maize also addressed the compliance with various regulatory requirements, including the handling of unclaimed shares and unpaid dividends, deduction of income tax from dividends, and the update of shareholders’ National Tax Number (NTN) information. The establishment of the Centralized Cash Dividend Register (CCDR) by the Central Depository Company (CDC) was highlighted as a significant step towards enhancing transparency and efficiency in dividend distribution.

In light of ongoing pandemic precautions, the company has opted for minimal physical interaction at the upcoming AGM, encouraging shareholders to participate through electronic means or by proxy to ensure safety and compliance with SECP guidelines.

The announcement reflects Rafhan Maize's adherence to regulatory requirements, commitment to shareholder value, and proactive measures to embrace technological advancements in corporate governance.