LAHORE: Crescent Steel and Allied Products Limited has announced its 40th Annual General Meeting (AGM) to be held on October 28, 2024, in Lahore, and via video link. This meeting will address several key points including the adoption of financial reports and the appointment of auditors for the upcoming fiscal year.
The primary agenda for the AGM includes the reception and adoption of the Chairman’s Review Report, the Directors’ Reports, and the Auditors’ Reports along with the Audited Annual Separate and Consolidated Financial Statements for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company has also transmitted the Annual Report to shareholders and made it accessible on its website as mandated by the Companies Act 2017.
In addition to routine annual matters, the shareholders will vote on a significant proposal concerning shareholder returns. The Board of Directors proposes a final cash dividend of Rs. 3.5 per share, which represents a 35% dividend. This is in addition to the first interim cash dividend of Rs. 2 per share already paid, bringing the total cash distribution for the fiscal year to Rs. 5.5 per share or a 55% dividend.
Furthermore, the AGM will include the appointment of the company’s auditors. The Audit Committee and the Board of Directors have recommended reappointing the incumbent auditors, M/s A. F. Ferguson & Co. Chartered Accountants, for the new fiscal year and fixing their remuneration.