Karachi: National Foods Limited has issued a notice for its 53rd Annual General Meeting (AGM) to be convened on October 21, 2024, at their headquarters in Karachi. The meeting will allow shareholders the option to participate via video link, accommodating broader attendance.

The AGM is set to review and confirm the minutes from the previous year's meeting held on October 19, 2023. High on the agenda is the adoption of the Audited Financial Statements for the fiscal year ended June 30, 2024, which include both the company's individual and consolidated financials along with respective auditors' reports.

Shareholders are poised to consider a robust dividend declaration of Rs. 6.5 per share for the year, representing a 130% total payout after including an earlier 30% interim dividend. This reflects a confident outlook from the board on the company's financial health and profitability.

The AGM will also see the reappointment of KPMG Taseer Hadi and Co. as the company's external auditors for the upcoming fiscal year, following the board’s and audit committee’s recommendation. In addition, shareholders will elect seven directors for a three-year term, with all current directors offering themselves for re-election.

Special business to be addressed includes a resolution to authorize Adam Fahy Majeed to hold an office of profit as an Executive Director, alongside proposed increases in director remuneration. Furthermore, approval will be sought for transactions with related parties and the authorization of the board to handle such transactions in the forthcoming fiscal year.

A major point of interest is the proposed sale of company properties located at F-160/C and F-133, S.I.T.E., Karachi, with the board empowered to delegate this responsibility to the Chairman or CEO to negotiate and finalize the sale.

According to information available from the Pakistan Stock Exchange (PSX), the board's decisions and strategic directives are critical for maintaining investor confidence and steering the company through its operational and financial objectives.

Shareholders are reminded to update their dividend mandate forms and to provide necessary tax documentation to facilitate the smooth processing of dividend payments, as per regulatory requirements. The company emphasizes the importance of compliance with the Companies (Distribution of Dividend) Regulations, 2017, to ensure timely dividend disbursement.