Islamabad: Notice has been issued for Biafo Industries Limited's 36th Annual General Meeting (AGM) scheduled for October 24, 2024. The meeting aims to address several key aspects of the company's operations and future plans.

The agenda for the meeting, as detailed in the official notice, includes confirmation of the minutes from the last AGM held on October 25, 2023. Shareholders will also review and adopt the Audited Financial Statements for the fiscal year ending June 30, 2024, along with the Auditors' and Directors' reports.

A significant financial decision awaits approval at the AGM with shareholders expected to authorize a total cash dividend of Rs. 4.60 per share for the fiscal year. This payout includes both the final cash dividend and the interim dividend, each pegged at Rs. 2.30 per share, or 23% per dividend instance, declared earlier on April 25, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the appointment of the auditors for the fiscal year 2024-25 will also be on the table, with Ws Yousuf Adil Chartered Accountants poised for reappointment, pending shareholder approval on their remuneration.

Under special business, a notable resolution regarding the electronic transmission of annual audited accounts is set to be discussed. This move, permissible under S.R.O. 389 (1)/2023 by the Securities and Exchange Commission of Pakistan, involves providing shareholders with a QR code and a web link for accessing financial statements and related documents.

Further resolutions will empower the Chief Executive Officer and the Company Secretary to execute all necessary actions related to the electronic dissemination of the financial statements. This approach aims to streamline communications and ensure compliance with section 223(6) of the Companies Act, 2017.

The AGM will also entertain any additional business that may arise, subject to the Chairman's approval.