Karachi: Hub Power has announced that its 33rd Annual General Meeting (AGM) will convene on September 30, 2024, through a video conference, aiming to cover significant financial and governance matters.
The primary agenda for the AGM includes the review and adoption of the standalone and consolidated audited financial statements for the fiscal year ended June 30, 2024. This will include discussions on the Directors' and Auditor’s Reports and the Chairman’s Review Report, which have already been made available for shareholders on the company’s website.
According to information available from the Pakistan Stock Exchange (PSX), shareholders will also vote on a proposed final cash dividend of PKR 8.5 per share, which represents an 85% payout. This follows interim dividends amounting to a total annual return of 200%, with earlier payouts summing up to PKR 11.5 per share.
The AGM will oversee the appointment of auditors for the upcoming fiscal year ending June 30, 2025. The company has recommended the re-appointment of the retiring auditors, M/s. A.F. Ferguson and Co., after endorsements from both the Board Audit Committee and the Board of Directors.
Furthermore, the election of seven directors, as stipulated under section 159(1) of the Companies Act, 2017, is set for the period commencing October 5, 2024. The directors up for reelection include Mr. M. Habibullah Khan, Mr. Aly Khan, Ms. Aleeya Khan, Mr. Manzoor Ahmed, Mr. Saad Iqbal, Mr. Shafiuddin Ghani Khan, and Syed Bakhtiyar Kazmi.
Special business to be transacted involves significant investments in Sindh Engro Coal Mining Company Limited (SECMC). The shareholders will consider a resolution to acquire up to approximately 152.99 million shares from Habib Bank Limited, amounting to an investment cap of PKR 5.40 billion. This initiative is part of a broader strategy to increase Hub Power’s stake in SECMC to about 9.5% of its issued and paid-up capital.
Additionally, the company seeks shareholder approval to assume obligations related to the sellers and lenders of SECMC. This includes investments and financial supports such as standby letters of credit and guarantees totaling approximately USD 10.5 million. These funds are earmarked to cover various corporate responsibilities including equity investments, cost overruns, and funding shortfalls.
Hub Power’s AGM will play a crucial role in setting the financial and strategic directions for the upcoming years, ensuring that all resolutions align with the company's long-term objectives and compliance with regulatory requirements.