Karachi: Hafiz Limited has officially announced its 74th Annual General Meeting (AGM) set to convene on Thursday, October 23, 2025, at 2:30 p.m. The meeting will be held at the company's registered office located on the 2nd Floor of the Alliance Building, Moolji Street, Mereweather Tower, Karachi. Shareholders will gather to discuss several key items on the agenda, including the confirmation of the minutes from last year's AGM, the approval of the annual audited accounts, and the election of auditors for the upcoming fiscal year.
The shareholders will review the company's annual audited accounts for the fiscal year ending June 30, 2025, alongside directors' and auditors' reports. Additionally, a proposed cash dividend of 25%, equating to Rs. 2.5 per share, is on the table for approval. The meeting will also facilitate the appointment of auditors for the year ending June 30, 2026, with decisions on their remuneration.
The designated market category for Hafiz Limited is yet to be specified. According to information available from the Pakistan Stock Exchange (PSX), the announcement of an annual general meeting and the proposal of dividends are key indicators of a company's financial health and governance practices.
Shareholders are notified that the company's Share Transfer Books will close from October 16 to October 23, 2025, inclusive of both dates. Transfers completed by the close of business on October 15, 2025, will be deemed timely for entitlements. The AGM will cater to both in-person attendance and participation through video conferencing, with shareholders required to register 48 hours prior to the meeting for the latter.
Members listed as of October 15, 2025, in the Register of Members are eligible to attend and vote at the AGM. Shareholders have the option of appointing proxies to represent them, provided the proxy forms are submitted at least 48 hours before the meeting.
In compliance with Section 242 of the Companies Act, 2017, dividends will be disbursed electronically, necessitating shareholders to update their bank account details with the company's Share Registrar. Furthermore, adherence to the Securities & Exchange Commission of Pakistan's directives requires shareholders to submit a copy of their Computerized National Identity Card (CNIC) to ensure the release of Dividend Warrants.
The meeting will also address tax-related matters, including withholding tax on dividends as per the Finance Act, 2019. Shareholders not appearing on the Active Taxpayer List (ATL) will incur a 30% tax rate, in contrast to 15% for those listed. Joint shareholders must inform the company of their shareholding proportions to facilitate accurate tax assessments. Corporate shareholders are advised to update their National Tax Number (NTN) records to avoid higher tax deductions.