Karachi: National Foods Limited has announced that its 53rd Annual General Meeting (AGM) is scheduled to take place on October 21, 2024, at the Beach Luxury Hotel in Karachi, providing options for shareholders to join via video link.
The agenda for the upcoming meeting, as detailed in the AGM notice issued in both English and Urdu, encompasses a range of routine corporate actions and strategic discussions vital for the company’s direction in the coming year. According to information available from the Pakistan Stock Exchange (PSX), the AGM will commence at 3:00 PM local time.
The meeting will include the confirmation of the minutes from the previous AGM held on October 19, 2023, and the adoption of the audited financial statements for the fiscal year that ended on June 30, 2024. These documents, along with the directors’ and auditors’ reports, have been made accessible to members via a provided QR code and web link.
One of the key items on the ordinary business agenda is the proposal for a substantial final cash dividend of Rs. 5.00 per share, which in conjunction with the interim dividend already paid, brings the total payout for the year to Rs. 6.5 per share. This represents a 130% dividend on the ordinary shares of the company.
In terms of leadership and governance, the meeting will also oversee the election of seven directors, in accordance with the Companies Act of 2017, for a new three-year term. The candidates include incumbents such as Mr. Zahid Majeed, Mr. Abrar Hasan, and five others who are up for re-election.
Special business to be conducted includes a resolution to authorize Mr. Adam Fahy Majeed for an office of profit in the company as Executive Director, alongside discussions on director remuneration and related party transactions from the previous fiscal year. Notably, the board will seek shareholder approval for all related party transactions for the fiscal year ending June 30, 2025.
Additionally, a significant proposal concerning the sale of company-owned land and buildings in Karachi will be deliberated. The resolution, if passed, would empower the board or designated executives to negotiate and finalize the sale, ensuring the best interests of the company and its shareholders are met.
The AGM will conclude with any other business that may arise, with the requisite permissions of the Chair. This meeting not only addresses the regular procedural necessities but also sets the financial and strategic course for National Foods Limited for the upcoming year.