Lahore:Nishat Power Limited held its Annual General Meeting (AGM) on October 24, 2024, at the Emporium Mall, The Nishat Hotel, Lahore, where shareholders gathered to deliberate on several pivotal business matters. The meeting focused on the adoption of the company's Annual Audited Financial Statements for the fiscal year ended June 30, 2024, and included reports from the Chairman, Directors, and Auditors.
According to information available from the Pakistan Stock Exchange (PSX), a significant highlight of the AGM was the approval of a final cash dividend of 50%, amounting to Rs. 5 per ordinary share. This was in addition to a previously paid interim dividend of 45% or Rs. 4.50 per share for the year. The decision followed a positive endorsement from the company's board, reflecting a robust financial performance despite challenging market conditions.
Further business included the appointment of statutory auditors for the fiscal year ending June 30, 2025, and the fixation of their remuneration. A critical agenda item was the ratification of related party transactions conducted throughout the financial year 2024. These transactions were previously approved by the board as per the directives given by shareholders in the last AGM held in October 2023. A special resolution was passed confirming these actions, underscoring the company’s commitment to transparency and regulatory compliance.
The AGM also addressed administrative details pertinent to shareholders, such as the book closure from October 17 to October 24, 2024, for dividend entitlement and voting rights at the meeting. Provisions for proxy voting were outlined, emphasizing the necessity for timely submissions of proxies and relevant identification to facilitate participation.
In a move aligning with modern technological practices and regulatory encouragement for paperless communications, Nishat Power promoted the use of electronic voting and the digital dissemination of financial statements via email and QR codes. This approach not only enhances shareholder convenience but also supports environmental sustainability.
The assembly exemplified Nishat Power Limited’s adherence to corporate governance standards, with all proceedings conducted in accordance with the Companies Act, 2017 and related regulatory frameworks. The AGM's successful conclusion highlighted the company’s resilience and strategic planning, positioning it favorably for future operational periods.