Islamabad: Notice is hereby given that Oil and Gas Development Company Limited (OGDCL) will hold its 27th Annual General Meeting (AGM) in Islamabad on October 25, 2024. The meeting aims to address several key items on the agenda.

Scheduled at the heart of the capital, the AGM will focus on critical business matters. Firstly, the confirmation of the minutes from the 13th Extraordinary General Meeting, which took place on November 30, 2022, is on the agenda. This will be followed by the approval of the minutes from the 26th Annual General Meeting held on October 30, 2023.

A significant part of the meeting will be dedicated to reviewing the company’s financial outcomes. The shareholders are set to receive, consider, and adopt the audited accounts for the fiscal year that ended on June 30, 2024. Alongside the financial statements, the Directors’ and Auditors’ reports will also be presented for approval.

According to information available from the Pakistan Stock Exchange (PSX), a final cash dividend of 40%, equivalent to Rs 4.00 per share for the fiscal year ended June 30, 2024, is proposed by the Board of Directors. This proposed dividend is in addition to the three interim cash dividends that totaled 61%, amounting to Rs 6.10 per share, already disbursed throughout the year.

Furthermore, the AGM will see the appointment of auditors for the fiscal year 2024-25. The current auditors, M/s KPMG Taseer Hadi and Co., and M/s A.F Ferguson and Co., Chartered Accountants, will retire upon the conclusion of this meeting. The shareholders will also decide on the remuneration for the newly appointed auditors.

The meeting will conclude with the transaction of any other business that may arise, with the permission of the chair.