Karachi: Shadman Cotton Mills Limited has formally requested a 30-day extension to hold its Annual General Meeting (AGM) for the fiscal year ending June 30, 2024, citing significant operational delays due to ongoing road construction and internet connectivity issues. The company has applied to the Securities and Exchange Commission of Pakistan (SECP) for this extension, as confirmed by documents filed with the commission.

According to information available from the Pakistan Stock Exchange (PSX), the textile manufacturer stated that the disruptions are primarily due to infrastructure work at its registered office's location, which has impeded access to essential services and personnel. Additionally, the implementation of a new firewall system in Pakistan has led to repeated interruptions in internet service, further complicating the company’s ability to finalize necessary documentation and financial statements.

The last AGM was held on October 28, 2023, where the financial statements for the year ended June 30, 2023, were presented. As per regulatory requirements, the upcoming AGM was initially scheduled by October 28, 2024, to discuss and approve the financial statements for the same period. However, the company now anticipates completing its audit by the first week of November 2024.

In their communication with SECP, Shadman Cotton Mills also requested an additional 30-day grace period for publishing its first quarter financial statements for the period ending September 30, 2024. This extension is deemed necessary to ensure compliance with recent regulatory changes and to maintain accuracy in financial reporting.

The company has committed to submitting the approval from SECP to the PSX within 48 hours of receiving it and has informed certificate holders of the exchange regarding the potential delay in the AGM and the subsequent financial statement publications.