Karachi: Macpac Films Limited has scheduled its Twenty-Ninth Annual General Meeting (AGM) for October 24, 2024, to be held in Karachi and via video conferencing. According to information available from the Pakistan Stock Exchange (PSX), the AGM will cover several key corporate actions including dividend approvals, auditor appointments, and director re-elections.

Shareholders will review the audited accounts for the fiscal year ended June 30, 2024, as detailed in the Annual Report 2024, which includes the Chairman’s Review Report, the Report of the Directors, and the Auditor’s Report. An important agenda item includes the approval of a final cash dividend of Rs 1.25 per share, equivalent to 12.5% of the value, as recommended by the Board of Directors.

The meeting will also see the reappointment of the company's auditors, M/s KPMG Taseer Hadi, Chartered Accountants, who have signaled their eligibility and intention to continue in their role. This continuity is expected to provide stability in the company’s financial oversight mechanisms.

In terms of governance, the AGM will facilitate the re-election of seven directors for a three-year term as per the provisions of Section 159(1) of the Companies Act, 2017. The directors up for re-election include notable figures such as Mr. Naeem Ali Muhammad Munshi, Ms. Hafsa Abbasy, Mr. Najmul Hassan, Mr. Shariq Maqbool Elahi, Mr. Ehtesham Maqbool Elahi, Mr. Fahad Munshi, and Mr. Shabbir Hamza Khandwala.

Additionally, a special resolution will be considered to amend the Objects Clause of the Memorandum of Association (MOA) to enable the company to comply with Shariah requirements as stipulated in the Shariah Compliance Certificate dated July 18, 2024, issued by the Securities and Exchange Commission of Pakistan (SECP). This amendment is significant as it aligns the company's operational directives with enhanced regulatory and ethical standards.

The proposed changes are part of Macpac Films Limited’s ongoing efforts to adapt its corporate strategies to meet regulatory requirements and shareholder expectations. This AGM is poised to set the future course for the company, underlining its commitment to corporate compliance and shareholder value enhancement.