Lahore: Kohinoor Textile Mills Limited has announced that its 56th Annual General Meeting (AGM) will take place on October 28, 2024. The meeting will be held at the company's registered office located at Lahore, and will cover both ordinary and special business matters.

The agenda for the ordinary business includes reviewing and adopting the audited financial accounts for the year ending June 30, 2024. Shareholders will also consider the consolidated financial statements, the Chairman’s review, and reports from the Directors and Auditors. The appointment of auditors for the fiscal year ending June 30, 2025, will also be discussed. The Board of Directors has recommended that the firm M/s. Riaz Ahmad & Company, Chartered Accountants, continue as the auditors, given they are eligible for reappointment.

In addition to the ordinary business, the meeting will address special business. According to information available from the Pakistan Stock Exchange (PSX), a special resolution will be proposed regarding the approval of a loan or advance of up to Rs. 1.00 billion to the subsidiary Maple Leaf Cement Factory Limited for the period from November 1, 2024, to October 31, 2025. This facility will be provided at an interest rate of one percent above the three-month KIBOR or the company’s average borrowing cost, whichever is higher.

Shareholders will also be asked to approve a resolution extending a facility similar to one authorized during the general meeting held on October 19, 2023. The Chief Executive Officer and Company Secretary are authorized to finalize legal documentation for the loan transactions.

This upcoming AGM will conclude with another special resolution concerning a separate transaction under Section 199 of the Companies Act, 2017.