Karachi: Sui Southern Gas Company Limited (SSGC) has filed an application seeking an extension for its Annual General Meeting (AGM) for the fiscal year 2025-26, citing delays in regulatory approvals as the primary reason. The application, submitted under Sections 132 and 223 of the Companies Act, 2017, highlights the company's dependence on the Oil and Gas Regulatory Authority's (OGRA) decision for finalizing its financial statements.
In the report dated October 1, 2026, SSGC outlined that while it had submitted its petition for the Final Revenue Requirement (FRR) by the stipulated deadline of August 13, 2026, the decision from OGRA is still pending. The company operates under a regulated regime as per the OGRA Ordinance, 2002, which necessitates the incorporation of OGRA's decision into its financial statements before conducting a statutory audit and subsequently presenting the financials to its Board for approval.
SSGC has already issued interim financial statements for the nine months ending March 2026, maintaining adherence to statutory timelines. However, the delay from OGRA has compelled the company to seek an extension for its AGM, originally scheduled for October 28, 2026, to November 27, 2026. This extension would allow the company to complete the statutory audit, finalize the financial statements, and comply with the 21-day notice period required for holding the AGM.
According to information available from the Pakistan Stock Exchange (PSX), SSGC's share performance remains unaffected by the regulatory delays as the company has maintained transparency regarding its financial proceedings.
The last AGM was held on November 27, 2025, where the financial statements for the year ending June 30, 2025, were presented. The current delay in the AGM is attributed to the non-finalization of the audit, pending OGRA's decision. SSGC's external auditors, BDO Ebrahim & Co, have indicated that the financial statements for FY 2025-26 are under audit and are expected to be finalized within a month of receiving OGRA's decision.
The application for the extension is accompanied by necessary documentation, including a certificate from the company's auditors and an affidavit signed by the Chief Financial Officer. A bank challan dated September 29, 2026, for Rs. 15,035, covering the application fee for the extension, has also been submitted.
SSGC has respectfully requested the regulatory authorities to grant the extension, allowing the company to uphold its financial and statutory obligations to its shareholders.