Karachi: AGP Limited has announced its 11th Annual General Meeting (AGM) to be held on April 10, 2025, at the Ramada Karachi Creek, with proceedings scheduled to commence at 11:00 A.M. The meeting will be accessible both in person and via video link. This announcement follows the company's disclosure of financial results for the fiscal year ending December 31, 2024, released on February 28, 2025.
For shareholders and investors, the Share Transfer Books of AGP Limited will remain closed from April 3 to April 10, 2025, inclusive. Transfers completed by the close of business on April 2, 2025, at the office of the company's registrar, CDC Share Registrar Services Limited, will be eligible for the payment of the final cash dividend and participation in the AGM. This closing period is crucial for shareholders intending to vote and to receive dividends.
The AGM's agenda includes confirming minutes from the 6th Extraordinary General Meeting held on July 9, 2024. Shareholders will also review and potentially approve the standalone and consolidated audited financial statements, as well as the Directors' and Auditors' reports for the year ended December 31, 2024. Additionally, the appointment of auditors for the year ending December 31, 2025, along with their remuneration, will be discussed.
A significant point on the agenda is the consideration of a final dividend payment of PKR 4 per share, equating to a 40% payout, as recommended by the Board of Directors. This decision represents a key financial move for the company and its shareholders.
Special business at the meeting will address the renewal of funding facilities with associated companies OBS AGP (Private) Limited and OBS Pakistan (Private) Limited. According to information available from the Pakistan Stock Exchange (PSX), these facilities, previously renewed on March 19, 2024, will potentially be extended for another 12 months. Each facility is valued at PKR 500 million, designed to meet excess debt requirements and funding shortfalls.
The resolution proposes that these funding facilities be renewable annually unless decided otherwise. The Chief Executive Officer, along with either the Chief Financial Officer or the Company Secretary, is authorized to execute all necessary actions to implement this resolution, ensuring compliance with legal formalities.
The notice, alongside a statement under Section 134(3) of the Companies Act, 2017, related to the special business, has been distributed to shareholders, marking another operational year for AGP Limited within the pharmaceuticals sector in the designated market category.