Karachi: Lucky Core Industries Limited has announced that its 73rd Annual General Meeting (AGM) will be held on September 26, 2024, in Karachi and via video-conferencing. The AGM aims to address key financial and regulatory matters, including the adoption of annual audited financial statements for the fiscal year ended June 30, 2024, and approval of a final cash dividend of PKR 33 per share.
The company plans to dispatch notices of the meeting to its members and publish details in both English and Urdu language newspapers on September 5, 2024. The upcoming AGM will follow all regulatory requirements and quorum provisions. Among the items on the agenda are the consideration and adoption of the annual financial reports, along with the Directors' and Auditors' Reports, and the declaration and approval of a substantial cash dividend as recommended by the Board of Directors.
In addition to routine annual matters, the AGM will also cover special business, including proposed amendments to the Company’s Articles of Association to ensure compliance with the Companies Act, 2017. These amendments will require approval as a Special Resolution. Another critical point of discussion will be the ratification and confirmation of transactions with related parties amounting to PKR 14.03 billion during the fiscal year. These transactions involve various entities associated with the company, such as Lucky Cement Limited and Yunus Textile Mills Limited, among others.
According to information available from the Pakistan Stock Exchange (PSX), the AGM is a routine corporate requirement that ensures shareholders are informed of past performance and future strategies. It also provides a platform for shareholders to exercise their voting rights on critical corporate decisions. The Board of Directors has proposed re-appointing M/s. A.F. Ferguson and Co. as auditors for the next fiscal year, with their remuneration to be determined during the meeting.
The proposed resolutions include authorizations for the Chief Executive and/or the Company Secretary to implement approved amendments and handle all associated legal formalities. The AGM will conclude with a review and approval of related party transactions planned for the fiscal year ending June 30, 2025, which will be presented for ratification at the next AGM.