Hub: Bolan Castings Limited will host its 42nd Annual General Meeting (AGM) at its registered office along the Main RCD Highway, Hub Chowki, District Lasbela, Balochistan, Pakistan on Thursday, October 24, 2024. The meeting, scheduled for address a sequence of ordinary and special business items.
The AGM's agenda includes the adoption of audited financial statements for the fiscal year that concluded on June 30, 2024, featuring the Chairman’s review, Directors’ report, and Auditors’ report. Key discussions will revolve around ratifying transactions with a group company carried out during the last financial year, and authorizing the Chief Executive to oversee such transactions in the upcoming year.
According to information available from the Pakistan Stock Exchange (PSX), shareholders will deliberate on a special resolution to ratify and approve the transactions carried out in the normal course of business with the group company as detailed in note 37 to the financial statements for the year ended June 30, 2024. These transactions totalled approximately 3,306.01 million rupees in sales and 528.81 million rupees in purchases, executed at mutually agreed prices and based on confirmed orders.
Moreover, the AGM will consider empowering the Chief Executive with the authority to approve all ongoing and future transactions with group companies until the next AGM, ensuring compliance and routine approval of such dealings throughout the financial year ending June 30, 2025.
For the first time, the company has introduced an electronic voting facility to facilitate shareholder participation. Details of the e-voting process were shared with shareholders by email, allowing them to cast their votes on resolutions related to special business items from October 19 to October 23, 2024. This move is aimed at increasing shareholder engagement and streamlining the voting process during the AGM.
The company has also made arrangements for shareholders to participate in the AGM through a video link, highlighting Bolan Castings Limited's commitment to leveraging technology for inclusive and comprehensive shareholder communication.