Lahore: Flying Cement Company Limited has announced a significant proposed increase to its authorized share capital, detailed in the notice for its 31st Annual General Meeting (AGM) scheduled on October 24, 2024. The meeting, set to be held at Leeds Banquet Hall in Lahore, will address a range of critical corporate matters including the ratification of related party transactions and potential restructuring of share capital.

The company seeks to elevate its authorized share capital from PKR 8 billion to PKR 10 billion, creating 200 million new ordinary shares priced at PKR 10 each. This move aims to facilitate further business expansions and operational flexibility. According to information available from the Pakistan Stock Exchange (PSX), the proposed increase will be subject to shareholder approval through special resolutions during the AGM.

In addition to financial structuring, the agenda includes the confirmation of minutes from the previous AGM, adoption of the latest financial statements, and the setting of auditor remunerations for the upcoming fiscal year. The company has also listed a special item to ratify and approve related party transactions conducted over the past fiscal year, aiming to align corporate actions with legal standards and enhance transparency.

The AGM notice also outlined procedural changes, stating that the CEO or company secretary is authorized to execute all necessary documents and actions to implement the proposed resolutions, ensuring compliance with regulatory requirements and facilitating corporate governance.